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 entitlement of the respondent. The Court held that since the suit was filed prior to the enactment of the Act, the provisions for increased interest rates under the Act were not applicable. Consequently, the judgment of the High Court was upheld, denying the respondent's claim for higher interest rates from the date of the suit.