Where any property has been attached in execution of a decree, but by reason of the decree -holder‟s default , the Recovery Officer is unable to proceed further with the application for execution, he shall ei ther dismiss the application or for any suf ficient reason adjourn the proceedings to a future date. Upon the dismissal of such application, the attachment shall cease.
72. Distribution of assets when there are claims under several decrees.—(1) Where the Sale Officer at taches or has attached under these rules, any property not in the custody of any Court , which is already under attachment in execution of a decree of any Court , such Court shall receive and realise such property and shall determine claims thereto and any objection to the attachment thereof:
Provided that where the property is under attachment in the execution of decree of more Courts than one, the Court which shall receive or realise such property and shall determine any claim thereto and any objection to the attachment thereof shall be the Court of highest grade, or where there is no difference in grade between such Courts, the Court under whose decree the property was first at tached.
(2) Where assets are held by the Sale Officer and before the receipt of such assets, demand notices in pursuance of applications for execution of decree against the same judgment -debtor have been received from more than one decree-holders and the decree-holders have not obtained sat isfaction, the assets after deducting the costs of realisation, shall be ratably distributed by the Recovery Officer among such decree -holders in the manner provided in Section 73 of the Code of Civil Procedure, 1908.