(1) The debt recovery officer shall sell the movable and immovable property taken under his possession by auction and recover the debt, after deducting all the expenses incurred in the auction sale, the amount due to the concerned bank or financial institution shall be given to such bank or financial institution. .
(2) According to sub-rule (1), all the expenses incurred in connection with the auction sale and the amount to be received by the bank or financial institution shall be deducted and the remaining amount shall be returned to the respective debtor or guarantor.
(3) Notwithstanding anything written in sub-rule (1), if the tribunal deems it necessary, it may require the concerned bank or financial institution to deposit the estimated expenses incurred during the auction sale even before the auction sale of movable and immovable property.