M/S Shanti Conductors(P) Ltd. vs Assam State Electricity Board and ...

The Supreme Court upheld the applicability of the Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings Act, 1993 to contracts entered into prior to its enactment, specifically addressing the maintainability of suits for recovery of interest under the Act. The Court clarified that a suit for recovery of interest is maintainable even if the contract was concluded before the Act came into force. The judgment of the Gauhati High Court was affirmed, allowing the appeal of M/s Shanti Conductors against the Assam State Electricity Board.