https://www.taxtmi.com/caselaws?id=128052 Under Section 6 of the 1993 Act, the phrase "amount due from a buyer" was construed broadly to include disputed claims for principal as well as statutory interest, so a prior admitted or settled liability was not required before reference. The Industry Facilitation Council, acting as arbitrator or conciliator under Section 6(2) read with the Arbitration and Conciliation Act, 1996, could determine both the principal amount and interest in the same proceeding. The Act was held applicable where the contractual arrangement had been altered after its commencement, and the earlier supply-order dates did not exclude its operation. The comprehensive recovery mechanism for delayed payments was therefore affirmed. en-us Thu, 15 Apr 2010 00:00:00 +0530 Thu, 26 Jun 2025 17:25:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128052 Under Section 6 of the 1993 Act, the phrase "amount due from a buyer" was construed broadly to include disputed claims for principal as well as statutory interest, so a prior admitted or settled liability was not required before reference. The Industry Facilitation Council, acting as arbitrator or conciliator under Section 6(2) read with the Arbitration and Conciliation Act, 1996, could determine both the principal amount and interest in the same proceeding. The Act was held applicable where the contractual arrangement had been altered after its commencement, and the earlier supply-order dates did not exclude its operation. The comprehensive recovery mechanism for delayed payments was therefore affirmed. Case-Laws Indian Laws Thu, 15 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128052