(1) Where, at the time of drawing the chart, the clerk of the court finds that the properties gifted, bequeathed or struck down in the licitation exceed the share of the respective party or the disposable portion of the estate leaver, he shall prepare a preliminary chart indicating exactly what is the amount in excess.
(2) Upon perusal of the preliminary chart submitted by the clerk of the court, the court shall issue the following directions:—
(a) Where admidst the properties gifted to a co-heir, there is an indivisible property which does not fit as a whole in the share of the donee, the court shall direct that such property shall form part of the mass of the partible properties as any other property of the inheritance;
(b) In other cases, the court shall issue notice to the donee to exercise within 10 days his right to choose from amongst the gifted properties those necessary to make up his share in the inheritance and, if he fails to exercise such choice, his share shall be filled with such properties as the court deems fit;
(c) Where the gift made to a stranger is inofficious it shall be reduced in accordance with sections 111 to 121 of this Act;
(d) The court shall notify the unsuccessful bidders, and those who did not take part in the licitation, who are to be paid owelty monies by the successful bidders, to demand within 10 days the payment of the owelty money, if they so desire, unless such amount has already been deposited; Where the payment is not demanded, owelty money shall carry an interest @ 5% p.a. from the date of the final order confirming the partition and the creditors shall have a lien on the properties allotted to the debtor. If the demand is made, the successful bidder shall be notified to deposit within 15 days the amount due and, if he fails to pay or deposit, the licitation shall stand cancelled and the court shall fix a fresh date for licitation. The party who has defaulted in paying owelty money shall not be allowed to participate in the new licitation.
(3) When two or more parties have made a joint bid for a property, they shall be jointly and severally liable for the entire owelty amount and in the event the entire owelty amount is not paid or deposited within time, the licitation shall stand cancelled in respect of the entire property and none of the defaulting parties shall be allowed to take part in the new licitation.
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