Section 528

(1) Where the mortgaged property has been sold, the person either owning such property or holding an interest therein by virtue of title acquired before sale, may apply to have the sale set aside on his depositing with the bank concerned :— (a) A sum equal to five per cent of the actual amount deposited by purchaser for payment to the purchaser; and (b) The amount of arrears specified in the actual proclamation of sale for the recovery of which sale was ordered together with interest therein, and the expenses of sale and other costs due in respect of such amount, less the amount with might since the date of such proclamation have been received by the State Co-operative Bank. (2) If an application for setting aside the sale accompanied by a deposit as referred to in Sub-rule (1), is made within thirty days of the date of sale, the Managing Committee on reference made by the Sale Officer shall set aside the sale and make or cause to make payment to the auction purchaser the amount deposited by him together with a sum of five per cent of the amount so deposited : Provided that if more than one person have made deposit and applied under this sub-rule, the application of the first depositor shall be entertained.