Registrar, as the case may be, under section 98 shall be null and void as against the society on whose application the said certificate was issued.

Transfer of property which cannot be sold.—

1. (1) When in any execution of an order sought to be executed under section 98 or in the recovery of any amount under section 101 or section 137, any property cannot be sold for want of buyers, if such property is in occupancy of the defaulter, or of some person in his behalf, or of some person claiming under a title created by the defaulter subsequently to the issue of the certificate of the Registrar, Court, Liquidator or the Assistant Registrar, under clause (a) or (b) of section 98, or under section 101 or 137, the Court or the Collector or the Registrar as the case may be, may, notwithstanding anything contained in any law for the time being in force, direct that the said property or any portion thereof, shall be transferred to the society which has applied for the execution of the said order, in the manner prescribed.
2. (2) Where property is transferred to the society under the foregoing sub-section or where property is sold under section 98, 101 or 137, the Court, the Collector, or the Registrar, as the case may be, may, in accordance with the rules, place the society or the purchaser, as the case may be, in possession of the property transferred or sold.
3. (3) Subject to such rules as may be made in this behalf, and to any rights, encumbrances, charges or equities lawfully subsisting in favour of any person, such property or portion thereof, shall be held under subsection (1) by the said society on such terms and conditions as may be agreed upon between the Court, the Collector or the Registrar, as the case may be, and the said society. Subject to the general or special orders of the State Government, the Collector or the Registrar may delegate to an officer, not below the rank of an Assistant or the Deputy Collector or the Assistant Registrar, powers exercisable by the Collector or the