M/S SHANTI CONDUCTORS(P) LTD. vs ASSAM STATE ELECTRICITY BOARD & ORS.

The Supreme Court addressed the applicability of the Interest on Delayed Payments 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 Act applies to all contracts entered into after its enactment, emphasizing the legislative intent to protect small-scale industries. The judgment of the Gauhati High Court was set aside, and the trial court's decree in favor of the appellants was upheld.