Mode of payment of purchase price by tenant

(1) On the determination of the purchase price by the Mamlatdar under section 18C, the tenant shall deposit the purchase price with the Mamlatdar in the manner provided in this section. (2) The tenant shall have the option to deposit the purchase price either in lumpsum or in ten equal annual installments. (3) The first installment of the purchase price or where the purchase price is payable in a lumpsum under sub-section (2), the lumpsum, shall be paid by the tenant within a period of six months from the date of passing of the order of the Mamlatdar under section 18C. (4) The second or subsequent installments of the purchase price shall be paid within a period of one year from the date on which the previous installment was due. (5) Where the lumpsum payment or any installment of the purchase price has not been deposited on the due date, the amount in default shall carry interest at the rate of six per cent per annum.