Mr.Kripakaran,
The bond upon which u r trying to file a suit for recovery is in simple terms - an agreement - by which the company is bound to pay X amount to ur goodself. It is purely civil suit for recovery. As per Contract Law, upon failure of one party who entered into an agreement, to do or abstain to do something, the other can establish his right through court of law.
But u must also take into consideration that when u r trying to contest based on the agreement (bond), you are also bound by the terms & conditions of the agreement. In such way you are also bound by the arbitration & Jusrisdiction clause, which states that the place of arbitration & Jusrisdiction is New Delhi.
Arbitrator is a middle man, who can be fixed by both parties in agreement (bond) upon mutual understanding. In case of dispute in fixng arbitrator, then pl approach the court of law, which shall fix the arbitrator. The said arbitrator shall decide the place, time etc to proceed with.
Above all are given to just clarify in general.. for more calrifications, pl contact ur good advocate who will do the needful.
Best Regards,
P.K.M.Kumar.
