Confirmation of sale

Finance199963 sections

Statutory text

(1) When a property has been sold under this Chapter, any person having a right or interest therein affected by the sale may, at any time within thirty days from the date of the sale, apply to the Sale Officer concerned to have the sale set aside on depositing with the Sale Officer-
- (a) for payment to the State Development Bank or the District Development Bank, as the case may be, the amount specified in the proclamation of sale together with subsequent interest and the costs and expenses, if any, incurred by the Bank in bringing the property to sale; and
- (b) for payment to the purchaser a sum equal to five percent of the purchase money and interest on his deposit at the rate applicable to savings accounts.
(2) If such deposit is made, the sale officer shall make an order setting aside the sale.
(3) Notwithstanding anything contained in any law for the time being in force, where no application with deposit is made under sub-section (1) or where such application is made and disallowed, the sale officer may apply to the Registrar or any other officer empowered by him in this behalf (not below the rank of Assistant Registrar) to make an order confirming the sale and on the Registrar or such officer confirming the sale, it shall become absolute and the property shall be deemed to have vested in the purchaser from the time the property is sold.

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