SREE BANK LTD. vs SARKAR DUTT ROY AND CO.

The Supreme Court held that Section 45-O of the Banking Companies Act, 1949, allows for the exclusion of time in computing limitation periods for banking companies in winding up, thus saving the execution application from being barred by Article 182(7) of the Limitation Act, 1908. The Court clarified that the right to apply for execution arose on the respective due dates of the instalments, and the default clause provided an option to the appellant to enforce the decree. The application for execution filed by the liquidator was deemed timely under the provisions of Section 45-O.