M/S Shanti Conductors(P) Ltd. & Anr vs Assam State Electricity Board & Ors

The Supreme Court addressed the applicability of the Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings Act, 1993, holding that a suit for recovery of interest under the Act is maintainable even if the contract was concluded prior to the Act's enforcement. The Court clarified that the right to claim interest does not require a reservation at the time of accepting payment. The Court upheld the Full Bench decision of the Gauhati High Court, affirming the maintainability of the suit for interest alone under the Act.