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

15.

1. (1) When a mortgaged 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 [primary land development bank] concerned to have the sale set aside on his depositing at the office of such bank--
   • (a) for payment to the [primary land development bank], 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. (2) If such deposit is made, the committee shall make an order setting aside the sale.
3. (3) Where no application is made under sub-section
4. (1) or where such application is made and disallowed, the committee shall apply to the principal officer of the co-operative department in the district, to make an order confirming the sale and on such officer confirming the sale, it shall become absolute.