The proceeds of every sale shall be applied by the Sale Officer—
(i) in payment of all costs, charges and expenses incurred by him as incidental to the sale or any attempted sale ;
(ii) in payment of all interest due on account of the mortgage in consequence whereof the mortgaged property was sold ;
(iii) in payment of the principal money due on account of the mortgage ;
(iv) the residue, if any, shall be paid by the Sale Officer to the person/ persons having any interest in the property.
(2) Any person dissatisfied with the decision of the Sale Officer in regard to the distribution of the residue may within thirty days from the communication to him of such decision, institute a suit in a court having jurisdiction, to establish his interest in the property.
(3) The Sale Officer shall not dispose of such residue until thirty days have lapsed 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 decided by the court.