(1) Notwithstanding anything contained in the foregoing provisions of this Act, or any law, agreement, custom or usage to the contrary, but subject to the provisions of this section, a tenant holding land from a landlord shall, subject to the provisions of section 42, be entitled to purchase from the landlord,-
(a) where the landlord fails to make an application as required by section 57B, the entire land so held by him; and
(b) in any other case, such part of the land held by the tenant as is left with him after the termination of tenancy under section 57B.
(2) The right to purchase land under sub-section (1) shall be exercised within one year from the date on which possession of the land is obtained by the landlord in pursuance of the provisions of section 57B; or as the case may be, after the expiry of the period referred to in the proviso to sub section (2) of section 57B; and intimation of exercise of the right shall be sent to the landlord and the Tribunal in the prescribed manner within the period aforesaid.
(3) The provisions of sections 43 and 44 shall apply to the purchase of the land by a tenant under sub-section (1) as those provisions apply in relation to the purchase of land under section 41.