The Travancore Ogale Glass Manufacturing Company Limited (for short 'the Company') went into liquidation. The winding up order was passed on 10-6-1985 in C.P.No. 3 of 1984. The Federal Bank Ltd., Alwaye, as one of its secured creditors was permitted by the Company Court, by order dated 11-2-1985, in C.A.No. 291/84, to file a suit against the company. The suit (O.S.No. 3 of 1986) was filed before the Subordinate Judge's Court, Ernakulam. By the decree dated 30-1-1988, the bank was made entitled to realise a sum of Rs. 1,48,22,388-73 with future interest at the rate of 10% per annum from 2-1-1986 and costs were quantified at Rs. 8,11,188-25. Thereafter, the Bank filed an Execution Petition (E.P.No. 275 of 1990) in the Sub Court, Ernakulam. Notice was issued to the Official Liquidator and the company in the execution proceedings. But, the official liquidator did not file any objections. The case was posted on 11-4-1990, 25-7-1990 and 24-11-1990 awaiting objections from the official liquidator Since the objection was filed, the execution court on 24-11-1990 directed the Bank to produce draft sale papers. The proclamation was settled on 4-6-1991 and the court directed the pr