M/S Modern Industries vs M/S Steel Auth.Of India Ld.Tr.M.D.& Ors

The Supreme Court interpreted 'amount due from a buyer, together with the amount of interest' under Section 6(1) of the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993, clarifying that the Industry Facilitation Council (IFC) has jurisdiction to adjudicate disputes related to delayed payments. The Court held that the IFC's ex-parte award of Rs. 24,86,998/- against the buyer was valid despite the buyer's objections regarding jurisdiction, as the buyer failed to participate in the proceedings. The judgment reinforces the authority of the IFC in resolving such disputes under the 1993 Act.