(a) If the owner or the owner's legal representative does not redeem the real estate within 60 days from the day the sale is confirmed by the Superior Court, any person who has an interest or lien upon any real estate so sold which was discharged by the sale may prefer a petition to the Superior Court at any time within 1 year from the day the sale is confirmed by the Superior Court setting forth the fact that he, she or it desires to redeem the real estate and that he, she or it is willing to pay into the Superior Court for the use of the purchaser the amount of the purchase price and 15 percent in addition thereto. The petitioner may also state in the petition that he, she or it is willing to pay into the Superior Court a further sum (stating the sum) for the benefit of any person who has an interest in or a lien upon the real estate which was discharged by the sale prior to the interest or lien of the petitioner, and the petitioner may also state in the petition such other and further facts as the petitioner may deem proper.
(b) Upon the expiration of 1 year from the day of confirmation of the sale of the real estate the Superior Court, after giving due notice to all petitioners, shall proceed to hear the same and after considering the interest and liens of the petitioners shall determine which of the petitioners, if any, shall be permitted to redeem the same and shall make an order accordingly, the petitioner so permitted to redeem the same then paying into the Superior Court the amount specified in his, her or its petition for the use of the parties entitled thereto, and complying with such other orders as the Superior Court shall make.