Auction procedure in Court.
When a person goes insolvent and his property remains as the only recovery method. Then Auction procedure is done to settle the grievance of the agreived party. The following is the procedure adopted by the Court of competent jurisdiction to auction the property of an insolvent person.
Report of attachment of the property of the surety has been received. Perusal of the record shows that immovable property of the surety has been attached. The Assistant Commissioner, Pakpattan is hereby appointed as auctioneer, who is directed to conduct auction proceedings and sale the movable property of the surety to the extent of Rs.50,000/- and deposit the same in Government Treasury. The expenditures of the auction proceedings will also borne by the surety.
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