(1) Without prejudice to the provisions contained in this part, the requiring officer, duly authorised by the commissioner in this behalf, may accept in satisfaction of the whole or any part of the amount due from the defaulter the property, the sale of which has been postponed for the reasons mentioned in sub-rule (1) of rule 59, at such price as may be agreed upon between the requiring officer and the defaulter.

(2) Where any property is accepted under sub-rule (1), the defaulter shall deliver possession of such property to the Commissioner and on the date the possession of the property is delivered to the Commissioner, the property shall vest in the State Government and the State Government shall, where necessary, intimate the concerned registering officer appointed under the Registration Act, 1908, (16 of 1908) accordingly.

(3) Where the price of the property agreed upon under sub-rule (1), exceeds the amount due from the defaulter, such excess shall be paid by the Commissioner to the defaulter within a period of three months from the date of delivery of possession of the property and where the Commissioner fails to pay such excess within the period aforesaid, the State Government shall, for the period commencing on the expiry of such period and ending on the date of payment of the amount remaining unpaid, pay simple interest at the rate of twelve per centum per annum to the defaulter on such amount.