Section 72. Decree-holder not to bid for or buy property without permission

72. Decree-holder not to bid for or buy property without permission.— (1) No holder of a decree in execution of which property is sold shall, without the express permission of the Court, bid for or purchase the property. (2) Where decree-holder purchases, amount of decree may be taken as payment.— Where a decree-holder purchases with such permission, the purchase-money and the amount due on the decree may, subject to the provisions of section 73, be set off against one another, and the Court executing the decree shall enter up satisfaction of the decree in whole or in part accordingly. (3) Where a decree-holder purchases, by himself or through another person, without such permission, the Court may, if it thinks fit, on the application of the judgment-debtor or any other person whose interests are affected by the sale, by order set aside the sale; and the costs of such application and order, and any deficiency of price which may happen on the re-sale and all expenses attending it, shall be paid by the decree-holder. 5 [72A. Mortgagee not to bid at sale without the leave of the Court.— (1) Notwithstanding anything contained in rule 72, a mortgagee of immovable property shall not bid for or purchase property sold in execution of a decree on the mortgage unless the Court grants him leave to bid for or purchase the property. (2) If leave to bid is granted to such mortgagee, then the Court shall fix a reserve price as regards the mortgagee, and unless the Court otherwise directs, the reserve price shall be— (a) not less than the amount then due for principal, interest and costs in respect of the mortgage if the property is sold in one lot; and (b) in the case of any property sold in lots, not less than such sum as shall appear to the Court to be properly attributable to each lot in relation to the amount then due for principal, interest and costs on the mortgage. 1. Subs. by Act 104 of 1976, s. 72, for "thirty days" (w.e.f. 1-2-1977). 2. Subs. by s. 72, ibid ., for "fifteen days" (w.e.f. 1-2-1977). 3. Subs. by s. 72, ibid ., for " seven days" (w.e.f. 1-2-1977). 4. The words "or to the Collector or subordinate of the Collector, as the case may," omitted by Act 66 of 1956, s. 14 (w.e.f. 1-1-1957). 5. Ins. by Act 104 of 1976, s. 72 (w.e.f. 1-2-1977). (3) In other respects, the provisions of sub-rules (2) and (3) of rule 72 shall apply in relation to purchase by the decree-holder under that rule.]