Snehadeep Structures Pvt. Ltd. vs Maharashtra Small Scale Industries ...

The Supreme Court addressed the applicability of Sections 3, 4, and 5 of the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993, emphasizing the buyer's obligation to make timely payments to suppliers and the consequences of failing to do so, including the liability to pay interest and compound interest. The Court clarified that the 'appointed day' for interest calculation is defined as the day following the expiry of thirty days from acceptance of goods or services. The judgment reinforced the statutory framework governing delayed payments in the small-scale industry sector, holding that buyers must adhere to these provisions.