Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Civil Procedure Code (V of 1908), O. XXI, R. 66---Execution of decree---Sale/auction of property---Application for re-evaluation of the property as per market price for the current year---Contention of applicant/ -debtor inter alia was that respondent (Financial Institution) itself had assessed the value of the property; market value of the property assessed by Patwari was the latest and liable to be considered for auction of the property---Validity---Valuation of property was assessed by engineering consultants---Judgment-debtor had not raised objection regarding the said evaluation at the time of its filing---Patwari was not the competent authority to assess the market value of the property consisting of land, machinery, building and boundary wall owing to lack of expertise---Application of -debtor was rightly dismissed by the Banking Court---Appeal was dismissed, in circumstances. THIS ORDER PASSED BY: JAWAD HASSAN, JUSTICE---.--- Through the instant Appeal, filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance"), the Appellant seeks setting aside of order dated 21.05.2018, passed by the Banking Court, Sargodha (the "Banking Court") whereby his application for reevaluation of the property as per market price for the year 2018, was dismissed. 2. Learned counsel for the Appellant inter alia submitted that the Banking Court has not taken into consideration the true facts and circumstances of the case while dismissing the application of the Appellant; that the impugned order is against law and facts; that the Banking Court while allowing the auction schedule has ignored the present market value of the mortgaged property which is Rs.2,50,00,000/- and the Respondent No.1 itself assessed the value of the property which is against the law. 3. We have heard the arguments and perused the record. 4. The perusal of record reveals that the valuation of the property was assessed by the 'Premier Engineering Consultants (Regd.) and in this regard its evaluation report is on file which is dated 12.12.2013. The record does not show that…

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