Gujarat Co-operative Societies Act, 1961
The proceeds of every sale effected under section 134 and confirmed under section 136, shall be applied first in payment of all costs, charges and expenses incurred in connection with sale or attempted sales, secondly in payment of the interest due on account of the mortgage in consequence where of the mortgaged property was sold, and thirdly in payments of the principal dues on account of the mortgage including costs and charges incidental to the recovery. If there remains any residue from the proceeds of sale, the same shall be paid to the person proving himself interested in the property sold, or if there are receipt or according to their respective interest therein, as may be determined by the [land development bank]: Provided that, before any such payments are made—