Application to set aside sale on deposit and confirmation of sale in default or on dismissal of such application

(1) When a property to which the Gehan or the mortgage or hypothecation relates has been sold under this Chapter, the person creating or executing the Gehan, mortgage or hypothecation or any person having right or interest therein affected by the sale, may, at any time, within thirty days from the date of sale, apply to the Board to have the sale set aside on his depositing at the office of the State Bank,- (a) for payment, to the said Bank, the amount specified in the proclamation of sale together with subsequent interest and the cost, if any, incurred by the Bank in bringing the property to sale; and (b) for payment to the purchaser, a sum equal to two percent of the purchase money. (2) If such deposit is made, the Board shall make an order setting aside the sale. (3) Where no application is made under sub-section (1) or where such application is made and disallowed, the Board shall apply to the Registrar to make an order confirming the sale and no such officer confirming the sale, it shall become absolute.