Balban was a ruler of the Delhi Sultanate in the 13th century. He is known for his policies that aimed at consolidating and strengthening the empire. The statement "All of the above" is true, as Balban indeed focused on the consolidation of the infant state, implemented a policy for the liquidation of the Challisa or 40 nobles, and did not differentiate in matters of administration and justice.

Consolidation of the Infant State:
- Balban did not go for fresh conquests, instead, he concentrated on consolidating the empire that had been established by his predecessors.
- He believed that it was important to strengthen the existing territories and maintain control over them before expanding further.
- Balban established a strong central authority and implemented policies to ensure the loyalty of the nobles and the subjects. This helped in stabilizing the empire and preventing internal conflicts.

Liquidation of the Challisa:
- The Challisa or 40 nobles were a powerful group of nobles who had significant influence and often challenged the authority of the Sultan.
- Balban recognized the threat they posed to his rule and set about a policy to liquidate them.
- He eliminated or weakened the Challisa by various means, including appointing loyal officials in key positions, removing disloyal nobles, and reducing their power and privileges. This helped in centralizing power and reducing the influence of the nobles.

No Differentiation in Administration and Justice:
- Balban believed in the supremacy of the Sultan and considered himself the representative of God on earth.
- He did not differentiate between matters of administration and justice, as he believed that both were his responsibilities.
- Balban personally supervised the administration and ensured that justice was delivered impartially. He established a system of spies and informers to keep a check on the officials and maintain law and order.

In conclusion, Balban's policies focused on consolidating the infant state, liquidating the Challisa, and maintaining a strong central authority. He did not differentiate in matters of administration and justice, considering both as his responsibilities. These policies were aimed at strengthening the empire and ensuring the loyalty of the nobles and subjects.