M/S MODERN INDUSTRIES vs M/S STEEL AUTH.OF INDIA LD.TR.M.D..

The Supreme Court addressed a dispute arising from a contract where the buyer failed to make full payment for supplies made by the supplier, leading to an ex-parte award by the IFC under Section 6(2) of the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993. The Court held that the buyer's objections regarding the jurisdiction of the IFC were without merit, affirming the validity of the ex-parte award and the interest calculated at 18% per annum. The Court emphasized the importance of adherence to procedural requirements in arbitration and upheld the award despite the buyer's failure to participate in the proceedings.