British India Steam Navigation Co v Inland Revenue Commissioners (1881) 7 QBD 165 is a case relevant for UK commercial law and UK insolvency law case, concerning the definition of a debenture.

The British India Steam Navigation Company had undertaken on paper to pay the holder £100 on 30 November 1882 and pay interest half yearly at 5% pa.

A. V. Dicey and Farrer Herschell QC appeared for the Revenue.

Lindley J held that the instruments were debentures and therefore subject to stamp duty.

And you may have [as on the facts]… a statement by two directors that the company will pay a certain sum of money on a given day, and will also pay interest half-yearly at certain times and at a certain place upon production of certain coupons by the holder of the instrument.