Taking the stall in a positive way, the Managing Director Dix Noonam Webb, Nimrod Dix said that they would wait for the investigation to finished.
"There are ongoing investigations into the question of ownership, and under these circumstances we are unlikely to put the medal up for sale," he said.
While auctioneers claimed of having documents to prove that the medal was sold off in 2000, Brahmi Devi, wife of the awardee denied selling it off and said that medal was stolen from her house in Bharpal village, Himachal Pradesh, in 2002.
However state police confirmed the her thumb prints in the affidavit which says that she was handing over the medal to person called Kapil Singh.
Police had closed down the file in 2002 after reaching a dead end in the investigation.
It has now roped in Scotland Yard and interpol to solve the case.
Naik Kirpa Ram was posthumously awarded with George Cross Medal for laying down his live to save his fellow soldiers.
The issue regarding the medal was raised in the Lok Sabha by BJP on Dec 1, which is said to be the reason behind the auction being called off.