(1) Any person owning or claiming an interest in immovable property sold under this Act, may, at any time within thirty days from the date of sale, deposit into the treasury of the region in which the immovable property is situated —
(a) a sum equal to five per cent of the purchase money, and
(b) a sum equal to the arrears of revenue for which the immovable property was sold, together with interest thereon and the expenses of attachment, management and sale and other costs due in respect of such arrears, and may apply to the Collector to set aside the sale.
(2) If such deposit and application are made within thirty days from the date of sale, the Collector shall pass an order setting aside the sale, and shall repay to the purchaser the purchase money so far as it has been deposited, together with the five per cent deposited by the applicant:
Provided that if more person than one have made the deposit and application under this section, the application of the first depositor to the officer authorised to set aside the sale shall be accepted.
(3) If a person applies under section 40 to set aside the sale of immovable property, he shall not, unless he withdraws such application, be entitled to make an application under this section.
394 Application to set aside sale on grounds of mistake, fraud, etc