https://www.taxtmi.com/caselaws?id=221752 A suit for recovery of interest alone was held maintainable under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993, because the statutory scheme treats principal and interest as part of one remedial framework and permits interest recovery even after the principal is paid. The Act was also held to be prospective only: as a substantive law creating a new liability and vested right to higher interest, it cannot apply to contracts concluded before its commencement absent express or necessary implication. The relevant date is the supply order or transaction initiation, not merely later supply or payment. The appeals were dismissed. en-us Tue, 10 Jul 2012 00:00:00 +0530 Sat, 12 Jul 2025 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221752 A suit for recovery of interest alone was held maintainable under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993, because the statutory scheme treats principal and interest as part of one remedial framework and permits interest recovery even after the principal is paid. The Act was also held to be prospective only: as a substantive law creating a new liability and vested right to higher interest, it cannot apply to contracts concluded before its commencement absent express or necessary implication. The relevant date is the supply order or transaction initiation, not merely later supply or payment. The appeals were dismissed. Case-Laws Indian Laws Tue, 10 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221752