Amendment status not verified — confirm the current text below against the official source.
(1) When a transfer has been completed, a suit to enforce the right of pre-emption shall, subject to the provisions contained in section 19, lie, and may be brought by any person entitled thereto, on any one or more of the following grounds, namely:.—(a) that no due notice was given or served as required by section 8; (b) that a tender was made under section 9 or section 10 but was refused; (c) that, in case of a sale, the price stated in the notice given under section 8 was not specified or was not mentioned in good faith; (d) that, in the case of a mortgage sought to be foreclosed, the amount claimed by the mortgagee was not really due on the footing of the mortgage or was not claimed in good faith; (e) that the amount so claimed by the mortgagee exceeds the fair market value of the property mortgaged; (f) that the property proposed to be transferred was not property described in the notice given under section 8; (g) that the property in question has been transferred to a person other than the purchaser mentioned in the said notice: Provided that no such suit shall lie under this Act in respect of a portion only of the immovable property transferred unless the plaintiff has a right of pre-emption in respect of only a portion of such property. (2) Where, in any suit on the basis of a sale, the court finds that the price alleged to have been paid was not fixed in good faith or was not actually paid, the court shall ascertain the actual price paid, (the burden of proving which shall lie on the purchaser) or shall fix such price as appears to it to be the fair market value of the immovable property sold: Provided that when the price alleged to have been paid represents entir ely or mainly a debt greatly exceeding in amount the fair market value of the property sold, the court shall determine such market value which shall be the price for the purposes of the suit. (3) Where, in any suit on the basis of a foreclosed mortgage, the court finds that the amount of the decree has been inflated by fraud or collusion and that the amount claimed by the mortgagee was not really due on the footing of the mortgage or was not claimed in good faith or exceeds the fair market value of the property mortgaged, the amount to be paid to the mortgagee shall not exceed what the court finds to be such market value. (4) For the purpose of determining the fair market value of any property, the court may consider the following among other matters as evidence of such value:-- (a) the estimated amount of the average annual net assets of the property; (b) the amount of the taxes assessed thereon; (c) the value of similar property in the neighbourhood; (d) the value of the property in question as shown by previous transfers.