bill as introduced - Goavidhansabha.gov.in - Welcome to Goa ...

(3) A private sale shall be held in case all the interested parties agree, or in case of a
mandatory inventory, the court so decides, after hearing the family council and the
personal representatives of the minors.
(4) When the assets are to be sold by private sale, the interested parties or the Court
shall appoint a person and empower him to sell and shall fix the minimum price. The
appointed person shall carry out the sale accordingly and submit his report to the Court.
(5) Movables shall be sold by auction at the place where they are lying or in a nearby
place where they may be transferred without causing damage or heavy expenses.
(6) Where an irregularity is committed during the auction or it is discovered that assets
have been fraudulently described and such fraudulent description has caused grave injury
to any party, objections may be filed by such party and the court shall decide on the
objections, after recording such evidence as is deemed necessary. If the court is satisfied
that irregularities materially vitiating the auction have been committed, the auction shall be
set aside.
(7) The court may then hold the auction in the court premises or the assets may be sold by
private sale.
(8) The preceding provisions shall apply also to debts which were approved by the court
in accordance with the provisions of section 416 and 418, in case the respective order has
become final and no appeal has been preferred before the chart of partition is drawn up.
420. When debts are approved by some of the interested parties only.— Where a debt
has fallen due but it is approved by some of the interested parties only, the creditor may
demand from such parties payment of their corresponding share of the liability. The
payment shall be effected immediately, where there are funds, out of the shares of those
parties who have approve the debts; where there are no funds, the payment shall be made
out of the assets allotted to such parties after partition.
421. Resolution on mode of payment of debts.— (1) Notwithstanding that the creditors do
not demand the payment of the debts which have fallen due and are approved, the parties
may resolve on the mode of payment, either by setting apart money or properties for the
said purpose entrusting the payment to one or some of them, or deciding that the debt shall
be shared by them in proportion to the assets allotted to them.
(2) The parties may also resolve on the mode of payment of the debts which have been
approved but have not yet fallen due.
(3) The resolution, which entrusts the payment to one or some of the parties, binds the
creditors but where the creditors do not get fully paid with the properties handed over to
the party or parties entrusted with the payment, the creditors may attach the properties
adjudicated to the other interested parties.