Power of court to grant relief on application for order for sale

(1) Upon an application for an order for sale of mortgaged property on the ground of non-payment of any interest due on the mortgage money or of default in payment of any instalment of mortgage money, the court or a judge may, if it or he thinks fit, postpone the making of the order for a period not exceeding six months, and if within that period the mortgagor pays to the mortgagee the interest or instalment of the mortgage money in arrears together with the cost of the application to date, the proceedings for the order shall be discontinued by the 59 (2) Where an application for an order for sale is made after the expiration of the period within which the whole principal money due under the mortgage is covenanted to be repaid, no postponement of the making of the order for sale shall be granted.