UPSGVB Rules 39Chapter V · Procedure in the Sale of Mortgaged Property
Section 39 · [ [Substituted by Notification No.232-C (IFC) /XII-C-I-Bh-80-74, dated 29-8-1977, published in U.P. Gazette, Part-1-Ka, dated 10th September, 1977.]
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(1)
Where the mortgaged property has been sold, the person either owning such property or holding an interest therein by virtue of title acquire before sale, may apply to have the sale set aside on his depositing with the back 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 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 which may since me date of such proclamation have been received by the Gram Vikas 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 person than one have made deposit and applied under this sub-rule, the application of the first depositor shall be entertained.]Your private note on this section
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