Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 438(2)] [Section 438] [Entire Act]

State of Goa - Subsection

Section 438(2)(d) in Goa Succession, Special Notaries and Inventory Proceeding Act, 2012

(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.