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

(1) When a mortaged 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 committee of the Land Development Bank to have sale set aside on his depositing at the office of such bank- (a) for payment to the Land Development Bank, the amount specified in the proclamation of sale together with subsequent interest and the cost, 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 committee shall make an order setting aside the sale.