N.Y. Real Prop. Acts. Law § 130-a

§ 130-a. Restrictions on committees. No sale of mortgage investments\nby a committee shall be valid unless the fairness of the price received\nat such sale shall have first been approved by the court except that\nwhere an action to foreclose a mortgage on the property is pending, the\napplication to pass upon the fairness of such price shall be determined\nby the court in which such action is pending. The hearing upon such\napplication shall be held at such time and place and upon such notice to\nthe depositing bondholders as the court shall direct.\n