(1) The proceeds of every sale under the provisions of Sections 11, 12, 13 of this Act shall be applied by the Sale Officer, first in payment of all costs, charges and expenses actually incurred by him as incident to the sale or any proposed sale; secondly, in payment of all interest due on account of the mortgage in consequence whereof the mortgaged property was sold; thirdly, in payment of the principal money due on account of the mortgage; and lastly, in payment of the residue, if any, with the approval of the Registrar or the officer appointed by the State Government in this behalf to the person interested in the property sold or if there are more such persons than one then to such persons according to their respective interests upon their joint receipt.
(2) Any person dissatisfied with the decision of the Sale Officer in regard to the distribution of the residue under sub-section (1) may, within thirty days of the communication to him of such decision, institute a suit to establish the right amount of interest he claims in a Civil Court within whose jurisdiction the property sold is situated.
(3) The Sale Officer shall not distribute the residue under sub-section (1) until thirty days have elapsed from the communication of his decision to all the persons concerned or if a suit has been instituted within the said period of thirty days by any such person until the suit is disposed of or otherwise terminated and on such disposal or termination, the residue shall be distributed in accordance with the decision of the court.
Explanation:- In this sub-section "Court" means the Civil Court which would have jurisdiction to entertain a suit to enforce the mortgage and within the limits of whose jurisdiction the property sold is situated.
Certificate to purchaser.
15. Where a sale of mortgaged property has become absolute, the Sale Officer shall grant a certificate specifying the property sold and the name of the person who, at the time of the sale, is declared to be the purchaser. Such certificate shall bear date and the day on which the sale became absolute.
10 Delivery of property to purchaser.