STATE OF U P Vs. WILLARD INDIA LTD

JUDGEMENT

(1.) This is a reference application under Section 57 of the Stamp Act.

(2.) The Board of Revenue as the Chief Controlling Revenue Authority was of opinion that the document dated Dec., 16, 1975, is chargeable to duty under Article 6 of the Schedule I B. The question before us is whether the document is such that it could fall under Article 6 or under Article 5(c) of Schedule I-B.

(3.) The deed has some background. It has been referred to in the preamble of the deed. It states that it is an inter se agreement between Willard India Limited (Company) and five other financial institutions, which are: IFCI, PICUP, NGB, FNCB and ICICI. It refers to diverse loan agreements executed by the Company with the aforesaid financial institutions. It is not disputed that on May 31, 1974, the Company deposited with IFCI the title deed and other relatable documents of its immoveable properties, situate at Sikandarabad Industrial Estate in Buland-shahr district (State of Uttar Pradesh). IFCI received the title deeds not only as security for its loan advanced to the Company but also as an agent of the other four financial institutions. It was evidently a joint security.