Supreme Court · 2012 INSC 280 · Decided 10 July 2012
M/S Purbanchal Cables & Conductors PVT. LTD v. Assam State Electricity Board & Another
- Court
- Supreme Court of India
- Citation
- 2012 INSC 280 · [2012] 6 S.C.R. 905
- Case number
- CIVIL APPEAL No. 2348/2003
- Decided
- 10 July 2012
- Bench
- H.L. DATTU, ANIL R. DAVE (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- CPC Section 61
Headnote
A B INTEREST ON DELA YEO PAYMENT TO SMALL SCALE AND ANCILLIARY INDUSTRIAL UNDERTAKINGS C ACT, 1973: Suit for interest on delayed payment - Held: Is maintainable - Supplier may file a suit only for a higher rate of interest on delayed payments made by the buyer from the Act. Prospective operation of the Act - Held: The Act is a substantive law, as vested right of entitlement to a higher rate of interest in case of delayed payment accrues in favour of the supplier and a cormsponding liability is imposed on the E buyer - Any substantive law shall operate
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