Ifgl Refractories Ltd vs Orissa State Financial Corporation

The Supreme Court examined whether the MM Plant unit established by Indo Flogates qualified as a new industrial unit under the 1989 industrial policy. The key issue was whether the appellant was entitled to capital investment and DG Set subsidies despite prior subsidies availed under earlier policies. The Court analyzed the policy terms and the factual matrix, ultimately determining that the MM Plant unit constituted a new industrial unit and that the appellant was eligible for the subsidies. The respondents' rejection of the subsidies based on exhaustion of limits under previous policies was held to be unjustified.