Certain purchases not to become ineffective.

1[32MM. Certain purchases not to become ineffective.- Where the purchase of any land has become ineffective under sub-section (1) of section 32M for default of payment in time of the price in lump sum, but the tenant-purchaser has nevertheless continued in possession at the commencement of the Bombay Tenancy and Agricultural Lands (Amendment) Act, 1960 (Mah. IX of 1961), then the purchase of the land shall, notwithstanding the provisions of section 32M, not be deemed to be ineffective, and the tenant-purchaser may, within a period of six months from such commencement apply to the Tribunal to condone the default on the ground referred to in sub-section (2) of section 32M; and if the Tribunal after holding such inquiry as it thinks fit, is satisfied of the sufficiency of the reasons given by the tenant-purchaser, it may allow a further period of one year to pay the price in lump sum, and thereupon the provisions of section 32M shall apply as they apply on deposit of the price in lump sum, or as the case may be, on failure to pay it; but the Tribunal shall not allow any further time for paying the price.]