Section 191M in West Bengal Co-operative Societies Rules, 2011
191M. Distribution of sale-proceeds and bar to certain claims.
(1) The Registrar shall, in making a sale absolute by an order under rule 191J, direct that the sale proceed shall be apportioned as follows :(a)firstly, all costs, charges and expenses properly incurred by the bank or the society, as the case may be, or the Sale Officer incidental to the sale or any attempted sale shall be paid;(b)secondly, ai, interest due on account of the mortgage in consequence whereof the mortgaged property was sold shall be paid to the concerned bank or the society, as the case may be;(c)thirdly, all sums due as principal on account of the mortgage shall be paid to the concerned bank or the society, as the case may be; and(d)fourthly, the residue, if any, shall be paid to the mortgagor.(2)All payments of such residue made in accordance with sub-rule (1) shall be valid and effectual against any demand thereto made upon the bank or the society, as the case may be, by the mortgagor or by any other person.
