Search Results for "Interest on Delayed Payments"

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Supreme Court

Supreme Court on Industrial Sickness and Compound Interest. The Supreme Court addresses the interplay of the Sick Industrial Companies Act (SICA) and compound interest claims in a case involving HDPE bag supply and payment disputes.

26 Apr 2024

Applicability of Section 22(1) of the Sick Industrial Companies Act, 1985 (SICA) – Whether the bar on legal proceedings under Section 22 applies t...

Supreme Court

Supreme Court dismisses SSPL’s appeal, upholds High Court’s decision setting aside arbitral award. The Supreme Court reinforces the statutory provisions of the Interest on Delayed Payments Act, 1993, emphasizing the applicability of the 120-day limit for payments and the role of the amended proviso in contractual obligations.

5 Mar 2024

Leave Granted:The Court granted leave to appeal in this case involving Snehadeep Structures Pvt. Ltd. (SSPL) and Maharashtra Small Scale Indus...

Supreme Court

Supreme Court Upholds Registrar's Refusal to Register Curative Petitions in Interest on Delayed Payments Act Case. Curative Petitions Cannot Be Entertained When Review Petitions Are Dismissed in Open Court, Not by Circulation, Under Supreme Court Rules, 2013.

26 Feb 2024

The dispute originated from the maintainability of a suit under the Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings ...

Supreme Court

Supreme Court Quashes Criminal Proceedings Against Accused in IPC Cheating and Criminal Breach of Trust Case Due to Civil Nature of Dispute and Forum Shopping. The Court held that allegations of belated share allotment and failure to launch an IPO constituted a commercial dispute without dishonest intention at inception, and filing multiple complaints on same cause of action amounted to abuse of process under Sections 420, 406, 120B IPC and Section 482 CrPC.

22 Mar 2022

The appeal arose from a judgment of the High Court of Calcutta dismissing a petition to quash criminal proceedings under Sections 420, 406, and 120B o...

Supreme Court

Supreme Court Upholds Arbitration Award in Contract Dispute Over Liquidated Damages and Time as Essence of Contract. The Court held that time was not the essence of the contract for supply of pipes, and ONGC was entitled only to actual damages, not liquidated damages, under the Arbitration and Conciliation Act, 1996, Sections 34 and 37.

13 Nov 2021

The Supreme Court of India heard cross-appeals arising from arbitration proceedings between Welspun Specialty Solutions Limited (formerly Remi Metals ...

Supreme Court

Supreme Court Dismisses Appeals in MSMED Act Arbitration Cases on Limitation and Counterclaim Issues. The Court held that the Limitation Act, 1963 applies to arbitration proceedings under Section 18(3) of the Micro, Small and Medium Enterprises Development Act, 2006, and counterclaims are maintainable under Section 23(2A) of the Arbitration and Conciliation Act, 1996, affirming the High Court's remand and arbitrator appointment orders.

29 Jun 2021

The Supreme Court of India addressed two consolidated civil appeals involving arbitration proceedings under the Micro, Small and Medium Enterprises De...

Supreme Court

Supreme Court Allows Contractor's Appeal in Arbitration Dispute Over Interest on Delayed Payment. The court examined entitlement to interest under Clause 60.8 of the contract and validity of alleged waiver through communications, referencing arbitration provisions and contract law principles.

22 Apr 2021

The dispute arose from a contract awarded by the State of Kerala to the appellants for highway upgradation, executed on 7 November 2002. The appellant...

Supreme Court

Supreme Court Dismisses Appeal in Company Winding Up Petition Under Companies Act, 1956 Due to Lack of Bona Fide Dispute. Concurrent Findings Upheld as Appellant's Defence Was Vague and Non-Specific in Reply to Statutory Notice Under Sections 433(e) and 434.

6 Apr 2021

The dispute arose from a transaction where the respondent, a manufacturer of acrylic yarn, supplied material on credit to the appellant. The appellant...

Supreme Court

Supreme Court Dismisses Appeal of Contractor in Arbitration Dispute Over Interest. Contractual Clauses 50 and 51 of GCC Barred Arbitral Tribunal from Awarding Interest on Delayed Payments Under Section 31(7)(a) of Arbitration and Conciliation Act, 1996.

7 Feb 2019

The dispute arose from a contract awarded to Jaiprakash Associates Ltd. (JAL) by Tehri Hydro Development Corporation India Ltd. (THDC) for execution o...

Supreme Court

Supreme Court Allows Appeals in Part, Holds Interest on Delayed Payments Act, 1993 Applicable to Contracts Entered Before Its Commencement for Delays Occurring After 23.09.1992. The Court ruled that the Act is retroactive and applies to all payments made after its commencement, and that a suit for interest alone is maintainable.

23 Jan 2019

The Supreme Court considered appeals arising from a common judgment of the Gauhati High Court which had set aside trial court decrees in favor of supp...

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