Procedure for sale of goods and application of sale proceeds
201. (1) Where any goods, other than confiscated goods, are to be sold under any provision of this Act, they shall be sold after due notice to the owner by public auction or by tender or by private offer or, with the consent of the owner in writing, in any other manner.
(2) The sale proceeds shall be applied to the following purposes in their respective order, namely-
(a) first to pay the expenses of the sale;
(b) then to pay the freight or other charges, if any, payable in respect of the goods, if notice of such charges has been given to the person holding the goods in custody;
(c) then to pay the customs-duty, other taxes and dues payable to the [Government] in respect of such goods;
(d) then to pay the charges due to the person holding such goods in custody.
(3) The balance, if any, shall be paid to the owner of the goods, provided he applies for it within six months of the sale of the goods or shows sufficient cause for not doing so.