M/S Rampur Fertiliser Ltd vs M/S Vigyan Chemicals Industries

The Supreme Court addressed the applicability of the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993, specifically Sections 4 and 5, in determining the interest rate on a recovery suit. The Court held that the Act's provisions were not applicable to the suit filed before the Act came into force, thus affirming the High Court's decision to set the interest rate at 13% per annum instead of the higher rates claimed by the respondent. The appeal was dismissed, upholding the lower court's ruling on interest calculation.