Amendment status not verified — confirm the current text below against the official source.
When property mortgaged to a co-operative land development bank, central co-operative bank or the apex housing society has been sold under the provisions of this Chapter, the mortgagor or any person entitled to a notice under section 103 may within the prescribed period apply to the managing committee of the bank or the society, as the case may be, to have the sale set aside, upon his depositing with the bank or the society, as the case may be,— (a) for payment to the bank or the society, as the case may be, the amount specified in proclamation of sale together with the subsequent interest and the costs, if any, incurred by the bank or the society, as the case may be, in bringing the property to sale; and (b) for payment to the purchaser as compensation, a sum equal to five per centum of the purchase money.