https://www.taxtmi.com/caselaws?id=296328 Liability under the 1993 Act arises from supply made after commencement and the buyer's default in payment, not from the date of the underlying contract, so the Act applies prospectively to post-commencement supplies. The Act is therefore not retrospective or retroactive. A suit for recovery of interest under the Act remains subject to the Limitation Act; limitation runs when the right to sue accrues, and a claim filed beyond three years is time-barred, with section 14 unavailable on the facts stated. A suit confined to interest alone is maintainable where interest remains due. In the review matter, an appeal against the review order was not maintainable, and equitable interest at 9% was sustained. en-us Wed, 23 Jan 2019 00:00:00 +0530 Thu, 15 Jul 2021 08:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296328 Liability under the 1993 Act arises from supply made after commencement and the buyer's default in payment, not from the date of the underlying contract, so the Act applies prospectively to post-commencement supplies. The Act is therefore not retrospective or retroactive. A suit for recovery of interest under the Act remains subject to the Limitation Act; limitation runs when the right to sue accrues, and a claim filed beyond three years is time-barred, with section 14 unavailable on the facts stated. A suit confined to interest alone is maintainable where interest remains due. In the review matter, an appeal against the review order was not maintainable, and equitable interest at 9% was sustained. Case-Laws Indian Laws Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296328