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

(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 his depositing with the sale officer— (a) for payment to the Agricultural Development Bank or the primary 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 sale officer may make an order setting aside the sale. (3) 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 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 the property is sold.