2003 (11) TMI 639

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.... 3. The first document produced in the compilation is a document styled as "Inter Corporate Deposit Agreement" dated 27th February 1998. It is a document executed between the plaintiff and the defendant the recital clause in the agreement states that the defendant was in need of financial assistance and the plaintiff agreed to grant to the defendant Inter Corporate Deposit of Rs. 4,00,000/-. Paragraph No. 4 of the operative part of the agreement states that the Inter Corporate Deposit of Rs. 4,00,000/- was given to the defendant by cheque dated 27th February 1998, Clause Nos. (5) and (6) of the document are material and read as under :--  (5) "The borrower shall repay the said ICD of Rs. 4,00,000/- (Rupees Four lakhs only) tog....

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....t payable to an order or bearer, whereby a person obliges himself to pay money to another is clearly a bond. The present instrument is attested by a witness, is not payable to the bearer and creates an obligation on the defendant to pay the principal sum of money of Rs. 4,00,000/- together with interest, and enhanced interest in case of default, to the plaintiff who is the lender. 6. The learned counsel for the plaintiff relies upon a judgment of this Court in Patel Stone Trading Co. v. Ram Sing reported in AIR1975Bom79 . In paragraph No. 4, the learned Single Judge observed : (Page 618 of 1974 Mh.L.J.)  "The real test to decide as to whether a particular document is a bond or not is to find out after reading the document a....