https://www.taxtmi.com/caselaws?id=128075 Under the 1993 Act, interest on delayed payment is a statutory and mandatory liability that overrides contrary contractual terms. A suit seeking only interest is maintainable because Section 6 was read as permitting recovery of the amount due together with statutory interest. The Act also applies to pre-enforcement contracts where the default and delayed payment occur after commencement, so interest runs from the date the statute became operative until payment. Acceptance of the principal without reservation does not by itself bar a later claim for interest; waiver is not presumed and must be specifically pleaded and proved on facts. en-us Tue, 05 Mar 2002 00:00:00 +0530 Thu, 28 Mar 2013 14:39:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128075 Under the 1993 Act, interest on delayed payment is a statutory and mandatory liability that overrides contrary contractual terms. A suit seeking only interest is maintainable because Section 6 was read as permitting recovery of the amount due together with statutory interest. The Act also applies to pre-enforcement contracts where the default and delayed payment occur after commencement, so interest runs from the date the statute became operative until payment. Acceptance of the principal without reservation does not by itself bar a later claim for interest; waiver is not presumed and must be specifically pleaded and proved on facts. Case-Laws Indian Laws Tue, 05 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128075