Vikramajit Sen ( 1 ) I have heard the parties at length. Mr. Luthra, learned counsel appearing for the Official Liquidator has opposed the release of the property to the applicant on the grounds that accounts of the CRB Capital Markets ltd. have yet not been finalised; that there is a possibility that the applicant is a subsidiary of the CRBCapital Markets Ltd. and hence would be liable to be wound- up along with the respondent-company-CRB Capital Markets Ltd. ; that there is further possibility that the applicant was a conduit for CRB Capital Markets Ltd. , and, therefore, the applicant s assets ought not to be released; and that the shareholdings of the applicant has not been disclosed, and since the applicant is the party with knowledge of these facts, an ad verse inference will be drawn against them. Mr. Batra, learned Counsel appearing for the applicant states that a report is already available. Meanwhile, the matter has been pending since 1997 and the present application since 1998. Therefore, sufficient time was available for finalising the accounts. In respect of other points raised by Mr. Luthra it is submitted that they have not been articulated in any of the pleadings before this Court even though an opportunity to file even an additional affidavit had been grantee! to the Official liquidator. Mr. Luthra s response is that the Official Liquidator is duty-bound to disclose grounds in opposition to the application as and when these come to light. ( 2 ) HOWEVER, in my view the Official Liquidator is bound, to an extent similar to any other party, to raise all objections at one instance. Of course, keeping in view the constraints that are faced by the Official Liquidator with regard to lack of knowledge of relevant facts, considerable latitude is extended to the Official liquidator. An impression, however, should not be gathered by the public that the official Liquidator can create hurdles in the grant of relief by raising objections piece-meal. I am satisfied that sufficient time has passed for accounts to have been drawn prima facie indicating the relevant facts of the company. As regards the apprehension of the applicant Company being a subsidiary and a conduit, this should have been evident to any responsible officer of the Court at the very commencement of theproceed ings. I am satisfied that sufficient time has passed for accounts to have been drawn prima facie indicating the relevant facts of the company. As regards the apprehension of the applicant Company being a subsidiary and a conduit, this should have been evident to any responsible officer of the Court at the very commencement of theproceed ings. Atthis belated stage, therefore, these objections are without substance and are rejected so far as the present application is concerned. ( 3 ) THE reliefs prayed for in this application have already received the a tten tion of this Court on many previous occasions. A valuation had been ordered and has been completed consequent upon which the applicant has consented to purchase furniture and fixtures at a total price of Rs. 2,00,000/- as fixed by this Court in the order dated 9th May, 2001. Counsel for the applicant states that this sum shall be deposited with the Official Liquidator within two weeks, to be retained by the official Liquidator in the Pool of CRB Capital Markets Ltd. Account. It is so ordered. ( 4 ) LEARNED Counsel for the applicant has further drawn attention to the order of my learned brother A. D. Singh, J. passed on 3. 3. 1998 in respect of another property similarly placed, but belonging to CRB Resources Pvt. Ltd. in C. A. 189/ 1998. The following order was passed : "this is an application seeking grant of permission to the applicant to reside in Aarti Building, B-Block,3rd Floor, Tardeo Road, Mumbai. In the application it is stated that Mr. C. R. Bhansali was residing at the said premises till June, 1997, i. e. before his arrest. It is further stated that the premises have been sealed by the Provisional Liquidator. The submission of learned Counsel for the applicant is that the applicant has no place to reside and in case the permission to reside in the premises is not given, his family will be put to a great hardship. Learned Counsel for the Official Liquidator and the RBI have no objection to the grant of the application provided the applicant gives an undertaking that he will not sell, alienate or part with possession of the above said flat and will hand over the same immediately on being required to do so by this Court. Learned Counsel for the Official Liquidator and the RBI have no objection to the grant of the application provided the applicant gives an undertaking that he will not sell, alienate or part with possession of the above said flat and will hand over the same immediately on being required to do so by this Court. In view of the stand taken by the learned Counsel for the Official Liquidator and the RBI, it is directed that the flat will be handed over to Mr. C. R. Bhansali, the applicant, within two weeks subject to an undertaking to be furnished by him in his individual capacity and as Director of the CRB Resources (P) Ltd. to the effect that: (1) He and M/s. CRB Resources (P) Ltd. will not sell, alienate, dispose of or part with possession of the above said flat; (2) He and M/s. CRB resources (P) Ltd. will not create third party interest in the above said flat in any manner whatsoever, and (3) He and M/s. CRB Resources (P) Ltd. will hand over possession of the flat as and when directed by the Court without any demur. Before handing over the flatto the applicant, theofficial Liquidator will make an inventory of the fittings, fixtures and any other items lying therein. The under taking will also state that if the flat isdirected to be returned, the same will be returned along with the items listed in the inventory. The application is disposed of. " ( 5 ) LEARNED Counsel for the applicant states that the applicant will file similar undertakings in this Court within two weeks from today. Accordingly, on the aforementioned sum of Rs. 2,00,000/-being deposited and undertakings being filed in conformity with the orders passed in C. A. 189/1998, the Official Liquidator is directed to deseal the premises and hand over the possession thereof to the authorised Representative of the applicant. These orders are passed on the condition that the undertakings furnished to this Court shall be meticulously adhered to. The application stands disposed of in the above terms. ( 6 ) NEEDLESS to say, any violation of the undertaking will make the person concerned liable for punitive action under the Contempt of Courts Act, in addition to the above orders being recalled and status quo ante being restored. ( 7 ) DASTI. ORDERED accordingly.