JUDGMENT :

1. Heard the parties through video conferencing.

2. These are the petitions filed under Section 433 (e), 434 read with Section 439 of the Companies Act, 1956 for winding up of the company namely Nalanda Ceramics and Industries Ltd. The said Nalanda Ceramics and Industries Ltd. was ordered to be wound up by this Court vide order dated 24.10.1989. Thereafter, the official liquidator was appointed who took possession of the property. The official liquidator by adopting due procedure put the property for sale and the sale has been confirmed vide order dated 21.11.2014 by this Court in favour of M/s Vivan Industries Private Limited for a consideration of Rs.2,03,00,000/-. The auction purchaser M/s Vivan Industries Private Limited took possession of the property on execution of the sale deed. There was delay on the part of the said auction purchaser- M/s Vivan Industries Private Limited in depositing the sale consideration amount only in respect of 3rd and 4th installment but within the stipulated date, the total auction amount has been paid by the auction purchaser- M/s Viv