Setting aside sale and return of movable property or affording other relief

(1) If after the enquiry the competent authority is satisfied that— (i) the transaction of sale is of the nature specified in section 3; and (ii) the consideration paid in such transaction of sale was not adequate according to the market value of such property prevalent on the date of sale, it shall declare such transaction to be void notwithstanding anything contained in any other law for the time being in force and shall— (a) pass an order to return the property sold on repayment of the amount of consideration by the seller; (b) if the purchaser fails to return the property within fifteen days of the order passed under clause (a) or where in the opinion of the competent authority it is not feasible to return the property, pass order directing the purchaser to pay the difference of price under sub-section (2); (c) pass such other consequential orders as may be necessary. (2) Where the purchaser fails to return the property or for any reason to be recorded in writing it is not possible to return the property to the seller, the competent authority shall fix the price of such property according to the market value of such property prevalent on the date of sale and order the purchaser to pay the difference, if any, between the price so fixed and the amount of consideration actually paid to the seller within a period of fifteen days. (3) If the purchaser fails to pay the difference of price ordered to be paid under sub-section (2) within the period specified therein the same shall be recoverable as an arrear of land revenue and the amount so recovered shall be paid to the seller.