Section 343

At the time appointed under Rule 342 the property shall be put up in one or more lots, as the Sales Officer may consider advisable, and shall be disposed of to the highest bidder : Provided that the highest bidder shall have to immediately deposit 25 per cent earnest money as security. If he does not deposit the remaining amount of the bid with in three days his earnest money or security shall be confiscated: Provided that it shall be open to the Sales Officer to decline to accept the highest if the price offered appears to be unduly low or for other reasons. If the property is sold for more than the amount due, the excess amount, after deducting the interest and the expenses of process and other charges, shall be paid to the judgment-debtor: Provided further that the Recovery Officer or the Sale Officer may, in his discretion adjourn the sale to a specified day and hour recording to his reasons for such adjournment. Where a sale is so adjourned for longer period than seven days, a fresh proclamation according to Rule 342 shall be made unless the judgment-debtor consents to waive it.