SATISH CHANDRA, J. :- This seven Judge Full Bench has been constituted to consider the five Judge Full Bench decision of this Court in (1878-80) ILR 2 All 654 (FB) (Reference by the Board of Revenue, N.W.P.)

2. Mahabir Prasad, the applicant, made an application under Section 9, Provincial Insolvency Act, for declaration of Peer Bux, opposite party No.1, as an insolvant. It was alleged that Peer Bux had borrowed a sum of Rs.4,000 from the applicant on 17-1-1967. He had agreed to supply 50 quintals of Rab at Rs.80 per quintal in lieu of the borrowed sum. It was also agreed that in case of default Peer Bux would pay to the applicant the amount of profits at 50 per cent by way of damages. The transaction was evidenced by a deed of agreement and a receipt both dated 17-1-1967. Peer Bux did not supply the Rab as agreed and a sum of Rs.4,000 was due from him. He had committed an act of insolvency by transferring his property.

3. On the deed of agreement dated 17th January, 1967, being produced in Court, Peer Bux filed an objection stating that the document was a bond and was inadmissible in evidence for lack of sufficient stamp duty. The learned Insolvency Judge upheld the objectio