This is an application under Section 457 (3) read with Rule

9, 272 & 347 of the Companies (Court) Rules, 1959 for seeking confirmation of sale. In the said application, the following prayers have been made by the Official Liquidator: -

“In view of facts & circumstances stated above, it is most respectfully prayed by the Official Liquidator before this Hon'ble Court that: -

(i) The instant application under Section 457 (3) of the Companies Act, 1956 read with Rule 9, 272 & 347 of the Companies (Court) Rules, 1959 along with Annexure A-1 to A-8 may kindly be taken on record;

(ii) The sale of 9 MIG flats as mentioned in list 'A' of para 6 of the instant application may kindly be considered for confirmation in favour of respective highest bidder;

(iii) The highest bidders may kindly be directed to deposit the balance sale proceeds within two months as per Terms &

Conditions of sale;

(iv) An appropriate order for forfeiture of the EMD deposited by the bidder as per list 'B' of para 6 of the instant application may kindly be passed;

(v) The Official Liquidator may please be allowed to hand over the possession to the successful bidder, after receipt of balance sale proceeds within stipulated time period;

(vi) necessary directions may be given to the GMADA office for expedite the process of issuing NOC which is required for transfer of such flats in the name of auction purchasers/successful bidders, the list of which is given in para 6 hereinabove;

(vii) The Official Liquidator may kindly be permitted to execute the sale deed of the flats in favour of respective successful bidder; (viii) The Official Liquidator may kindly be permitted to pay the publication charges out of the funds lying in the account of the company (In Liqn.).

(ix) Any such other order/ direction as may be deemed fit and proper in the circumstances of the case, may also kindly be passed.”

Learned counsel appearing for respondent No.1 has submitted that they have no objection to the sale being confirmed and the prayers as made being granted, but has prayed that respondent No.1 be granted liberty to move an application before the Official Liquidator/Court for release of the amount due to the secured creditors.

Learned counsel for respondent No.2-GMADA has submitted that the primary direction sought against the GMADA is with respect to expediting the process of issuing NOC which is required for transfer of such flats in the name of auction purchasers/successful bidders and has submitted that within 15 days from the date the application is filed by the Official Liquidator for grant of the said NOC, the said NOC would be issued in accordance with law.

Learned counsel for the Official Liquidator has pointed out that for the Official Liquidator to apply for NOC in the standard format, the necessary updation of the property has to be done on the portal by the GMADA and the GMADA be also requested and directed to do the same expeditiously.

Learned counsel for respondent No.2-GMADA has submitted that whatever is required to be done at their end would be done as expeditiously as possible.

With respect to prayer No.(iv), it has been pointed out that in para 6, the details of the defaulters has been given and that it has been stated that since the said defaulters, namely, Ravinder Kumar and Sonia Puri had not deposited the balance amount in accordance with the terms and conditions of auction, thus, the prayer No.(iv) be also allowed.

Keeping in view the above-said facts and circumstances and the averments made in the application and also the stand taken by respondents No.1 and 2, the prayer No.(i), (ii), (iv), (v), (vii) and (viii) are allowed as prayed for. The prayer No.(vi) is disposed of in view of the statement made on behalf of respondent No.2-GMADA as well as the Official Liquidator before this Court which has been recorded herein before. With respect to prayer No.(iii), the liberty is granted to the Official Liquidator to proceed against the successful bidders in accordance with the t