Application to set aside sale.

Corporate1989184 sections

Statutory text

(1) When any mortgage property has been sold under section 127 the mortgagor or any person having a right or interest therein may, within thirty days from the date of sale, apply to the Sale Officer to have the sale set aside on his depositing at the office of the Sale Officer—
- (i) for payment to the Board or committee of the Housing Society the amount specified in the proclamation of sale together with interest and the costs, if any, incurred by the committee or the Board in bringing the property to sale ;
- (ii) for payment to the purchaser a sum equal to five per cent of the purchase money.
(2) Where a person has deposited the amount specified in sub-section (1) the Sale Officer shall make an order setting aside the sale.

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