This revision is directed against the order dated 09-10-2007 refusing to receive in evidence the document dated 10-09-2005 styled as 'memorandum of understanding' unless the stamp duty is paid in terms of Article 13 of Indian Stamp Act.

2. The plaintiff is the revision petitioner while the respondent is the defendant. The plaintiff filed suit for recovery of Rs.17,36,325/- with subsequent interest while the defendant laid counter-claim for Rs.31,60,000/-. During the trial, the plaintiff sought to mark the document dated 10-09-2005 styled as 'memorandum of understanding' entered into between the plaintiff and the defendant and objection was raised as to its admissibility.

3. Heard learned counsel for the parties and perused the record.

4. Learned counsel for the petitioner contended that the document sought to be marked is not a 'bond' as defined in Section 2(5) of Indian Stamp Act; that there is no obligation created under the document and as such it cannot be termed as 'bond'; that in order to constitute 'bond', it must be executed by one party in favour of other and create an obligation to pay, whereas both the parties have subscribed their signatures on the document now sou