' SHAFIUR RAHMAN, J. ---The petitioner seeks leave to appeal against the order of the Lahore High Court dated 27-6-1992 whereby a Constitution Petition filed by. Him was dismissed in limine, on the ground that the list of the property mortgaged to secure the recovery of the loan and its value was not furnished by the petitioner, therefore, the discretion exercised directing the petitioner to deposit the suit amount was justified.
2. The petitioner had indeed obtained a loan of Rs,8,00,000 with interest at the rate of 14% per annum and penal interest at the rate of 5% accumulated on it to make the sum due Rs,20,35,897.
This amount due was sought to be recovered through the Banking Court. The petitioner filed an application for leave to appear and defend the suit. The Banking Court came to the conclusion that "the interest of justice would be better served that defendant No,1 is allowed to appear and defend the suit subject to his depositing the suit amount in this Court or with the plaintiff-Bank within one month from today". This order was challenged in Constitutional jurisdiction wherein the relief was refused on the ground as hereunder:-- 'The property mortgaged to secure the recovery of the loan, was not furnished by the petitioner, therefore, the discretion exercised in the circumstances of the case, directing the petitioner to deposit the suit amount, in our view, was just, and calls for no interference in writ jurisdiction.
' Resultantly, this petition has no substance and is accordingly dismissed in fimine."
3. At hearing, fortunately, Malik Akhtar Hussain Awan assisted by Mr. All Sibtain Fazli, Advocates, were available for the respondents. The only particular of the property and its value that the petitioner was able to furnish was one appearing at page 98 of the Paper Book which shows the valuation of the mortgaged property to be Rs,11,01,860. There is no current valuation of the same nor is it the contention of the respondents that it has depreciated.
4. In the circumstances, we convert this petition into an appeal, allow the same to the extent that the order of the Banking Court shall be modified to the extent that the petitioner shall be required to deposit cash amounting to Rs,16,00,000 for defending the suit. This he shall deposit within twenty days from today.