(1) In case the owner of the item leased in accordance with clause (a) of subsection (4) of section 636 confiscates the amount paid in relation to the hire purchase price up to the day of seizure and the amount equal to the value of the item on the day of seizure, the lessee shall get back from such person. Explanation: For the purposes of this section, “value on the date of seizure” means the amount that would be realized on the sale of the confiscated goods after deducting the following expenses or amounts:-
(a) reasonable expenses incurred in seizing the goods,
(b) Reasonable expenses for storage and maintenance of the goods until they are sold (c) reasonable expenses incurred in selling or otherwise transferring the goods,
(d) The amount paid for the tax, duty, fee or any amount due, if any, to be paid by the lessee in accordance with the prevailing law.
(2) The amount according to sub-section (1) shall be paid to the lessee within thirty days from the date of confiscation of the goods, and if payment is made after such period, interest at the rate of ten percent per annum shall also be paid.