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

(1) When a mortgaged property has been sold under this Chapter, the mortgagor or any person having a right or interest therein affected by the sale, may, at any time within thirty days from the date of sale, apply to the Board or the Committee of the primary mortgage bank concerned, as the case may be, to have the sale set aside on his depositing at the office of the concerned bank- (a) for payment to the Central Mortgage Bank or the primary mortgage bank, as the case may be, the amount specified in the proclamation of sale together with subsequent interest and the costs, if any, incurred by the bank in bringing the property to sale; and (b) for payment to the purchaser a sum equal to five per cent of the purchase money. (2) If such deposit is made, the Board or the Committee, as the case may be, may in its discretion, 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 or the Committee, as the case may be, shall apply to the Registrar or any other officer empowered by the Government in this regard 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 when the property is sold.