Mardia Chemicals Ltd. vs Gujarat Electricity Board And Anr.

The Supreme Court addressed the appeal concerning the financial obligations of a large-scale industry to the Gujarat Electricity Board under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA). The Court emphasized the need for a balance between the survival of the industrial unit and the recovery of dues by the creditor, holding that the appellant must comply with the payment schedule while the BIFR proceedings are ongoing. The Court did not express an opinion on the disputed delayed payment charges, focusing instead on the principal amount owed and the necessity of timely payments to avoid disruption of services.