Judgment

SARKAR, J.: On May 1, 1947, a decree was passed in favour of the appellant bank against the respondents by consent of parties for payment of Rs. 31,000 in the manner specified. The decree provided that if the respondents failed to pay any of the instalments mentioned in it within four months of the date of its becoming due, the appellant bank "shall deem all ... instalments in default and shall be entitled to realise all the said amounts by execution" The amounts payable under the decree by May 30, 1947 were all duly paid. That left a sum of Rs. 21,000 payable by six annual instalements, each payable on the 30th December of a year, the first instalment being payable in 1947 and the last in 1952. None of these instalements was paid and an application for realising them by execution was made on August 26, 1957. In the meantime a petition for winding up the appellant bank had been presented on May 11, 1948 and an order for winding up had been made on August 3, 1948. Since then the appellant bank has been in the course of winding up. The application for execution was made by the liquidator in the course of the winding up.

2. Under Art. 182 (7) of the First Schedule to the Limita