Supreme Court of India (Division Bench (DB)- Two Judge)

Appeal (Civil), 8442-8443 of 2016, Judgment Date: Aug 31, 2016

                                                              Reportable

                       IN THE SUPREME COURT OF INDIA
                             CIVIL APPELLATE
                                JURISDICTION

                     CIVIL APPEAL NOS.8442-8443 OF 2016
                (Arising out of SLP (C) Nos.9924-9925 of 2013)



M/S SHANTI CONDUCTORS(P) LTD. ANR.                      ………APPELLANTS

                                     Vs.

ASSAM STATE ELECTRICITY BOARD & ORS.                    ……RESPONDENTS

                                    WITH

    CIVIL APPEAL NO.8445 OF 2016
       (Arising out of SLP (C) No.15274 of 2013)

    CIVIL APPEAL NO.8448 OF 2016
       (Arising out of SLP (C) No. 9898 of 2014)

                  AND

    CIVIL APPEAL NO.8450 OF 2016
       (Arising out of SLP (C) No. 538 of 2016)

                               J U D G M E N T

  V. GOPALA GOWDA, J.

        Leave granted in all the Special Leave Petitions.
2. The present appeals were listed together as  a  common  question  of  law
arises in all of them for consideration before this Court.
3. For the sake of convenience, reference  is  made  to  the  facts  of  the
appeals arising out of SLP (C) Nos.  9924-9925  of  2013,  which  have  been
directed against the impugned final judgment  and  orders  dated  20.11.2012
and 20.12.2012 passed in RFA No.  66  of  2000  and  MC  No.  3472  of  2012
respectively, by the Gauhati High Court at Guwahati.
   The facts of the case which are required to appreciate  the  rival  legal
contentions advanced on behalf of the parties are stated in brief as  under:

      On  31.03.1992,   the   respondent-Assam   State   Electricity   Board
(hereinafter referred to as the “Electricity Board”)  placed  an  order  for
supply of Aluminium Electrical Conductors  from  the  appellants-M/s  Shanti
Conductors Pvt. Ltd. for a total  consideration  of  Rs.  1.22  crores.  The
supplies were to be made between June and  December,  1992.  On  13.05.1992,
another order was placed by the Electricity Board to M/s  Shanti  Conductors
for the supply of various types of conductors for a total  consideration  of
Rs. 32.49 lacs. The supplies of the aforesaid goods were to be made  between
January and February, 1993.

  On 23.09.1992, the President of India promulgated  an  ordinance,  namely,
the  Interest  on  Delayed  Payment  to  Small  Scale  Ancillary  Industrial
Undertakings Ordinance, 1992. Subsequently, on 02.04.1993, the  Interest  on
Delayed Payment to Small Scale and Ancillary  Industrial  Undertakings  Act,
1993 (in short the “Act”) was enacted and it was deemed to  have  come  into
force with effect from 23.09.1992.

  Meanwhile, the supply of equipments under the  aforesaid  purchase  orders
was completed by M/s Shanti Conductors on  04.10.1993.  On  05.03.1994,  the
entire payment of Rs. 2.15 crores against the aforesaid  supply  orders  was
received by M/s Shanti Conductors.
  Subsequently, on 10.01.1997,  M/s  Shanti  Conductors  filed  a  suit  for
recovery of Rs.53.68 lacs on account of interest  on  delayed  payments  and
future interest at the rate of 27% per annum on the decreetal  amount.   The
Electricity Board filed the written  statement  on  16.09.1998,  inter-alia,
raising  the  plea  of  limitation  and  contending  that  the  Act  is  not
applicable to the case of  the  appellant-  M/s  Shanti  Conductors  as  the
contract was concluded prior to the enactment of the Act.  The  Trial  Court
decreed  the  suit  on  02.02.2000  for  recovery  of  the  amount  of   Rs.
51,60,507.42 with compound interest at the rate of 23.75% p.a. with  monthly
rests from the date of the suit till realization.

  Aggrieved of the impugned judgment and order, the Electricity Board  filed
Regular First Appeal No. 66 of 2000 before the High Court of  Gauhati.  Vide
order dated 18.10.2001, the Division Bench of the High  Court  referred  the
matter to the Full Bench. The Full  Bench  framed  the  following  questions
that needed to be answered:
“
Whether the suit for  recovery  of  mere  interest  under  the  Interest  on
Delayed Payments to Small Scale and Ancillary Industrial  Undertakings  Act,
1993 is maintainable?


Whether in the present case the suit for  recovery  of  Interest  under  the
Delayed Payments to Small Scale and Ancillary Industrial  Undertakings  Act,
1993 would not be maintainable as the contract for supply of  goods  between
the parties was entered into prior  to  enforcement  of  the  Act,  i.e.  on
23.09.1992?


Whether the suit for recovery of interest  under  the  Delayed  Payments  to
Small Scale and Ancillary Industrial Undertakings Act,  1993  would  not  be
maintainable if no reservation is made by the supplier retaining to  it  the
right to recovery  interest  under  the  Act  when  the  payment(s)  of  the
principal  sum  is/are  accepted,  though  these  may  be  made  beyond  the
prescribed period?”



The Full Bench of the High Court vide judgment and  order  dated  05.03.2002
answered the reference in affirmative by holding that a  suit  for  interest
alone could be filed.  It  further  held  that  the  Act  is  applicable  to
contracts entered into prior to 23.09.1992, i.e. the date on which  the  Act
came into force. It was further held that the interest under the  Act  would
be calculated from 23.09.1992 till the payment  is  made  to  the  supplier.
Having answered the reference in the above terms, the matter was  sent  back
to the Division Bench for consideration of the appeal on merits.

 Accordingly, the matter was  placed  before  the  Division  Bench  for  its
consideration in accordance with the decision of the Full Bench of the  High
Court in the reference. The Electricity Board contended before the  Division
Bench that this Court in the case of Purbanchal  Cables  &  Conductors  Pvt.
Ltd. v. Assam State Electricity Board & Anr.[1] has held  that  the  Act  is
applicable  only  to  the  agreements   entered   into   after   23.09.1992.
Accordingly, in terms of the judgment of this Court in Purbanchal  Cables  &
Conductors Pvt. Ltd. (supra), the Division Bench  of  the  High  Court  vide
judgment and order dated 20.11.2012 set aside  the  judgment  of  the  Trial
Court by allowing Regular First Appeal No. 66 of 2000.

Similarly, in the connected appeals also, the High Court  had  held  in  the
impugned judgment and orders therein that the appellants  are  not  entitled
for the interest on the delayed payment as the contracts  had  been  entered
into prior to the commencement of the Act. Hence the present appeals.
We have heard Mr. M.H. Baig and Mr. Basava Prabhu S. Patil,  learned  senior
counsel appearing on behalf of the appellants in the appeals arising out  of
SLP (C) Nos.9924-9925 of 2013 and SLP (C) No.  538  of  2016  and  Mr.  Ajit
Kumar Sinha, learned senior counsel in appeal arising out  of  SLP  (C)  No.
15274 of 2013. We have also heard Mr. Vijay  Hansaria,  the  learned  senior
counsel appearing on behalf of the Electricity Board.

Mr. M.H. Baig, the learned  senior  counsel  submits  that  the  respondents
cannot claim a vested right in procedure, as the same is  not  a  matter  of
right and can be taken away. The learned senior counsel places  reliance  on
the three Judge Bench decision of this Court in the case of  State  of  U.P.
v. Anand Swarup[2]. The learned senior counsel  contends  that  the  Act  is
applicable in respect of the  contracts  entered  into  by  the  Electricity
Board with the appellants herein for supply  of  goods.  Mr.  Basava  Prabhu
Patil and Mr. Ajit Sinha, learned senior  counsel  appearing  on  behalf  of
some of the appellants contend that the usage  of  the  words  “transaction”
and “supply order” as used by this Court in the case of  Assam  Small  Scale
Industries Development Corporation Ltd. v. J.D. Pharmaceuticals[3]   is  not
the correct test to be applied to determine whether the  provisions  of  the
Act are applicable to the contracts entered into prior to the coming of  the
Act into force. It is contended that this Court in the  aforesaid  case  has
referred to the said words without taking into consideration  the  Statement
of Objects and Reasons of the Act and the  parliamentary  debates  conducted
while introducing the Bill before it was enacted. It  is  further  contended
that the same words were continued to be used in the case  of  Shakti  Tubes
v. State of Bihar[4], wherein it was held as under:
“21. We have considered the  aforesaid  rival  submissions.  This  Court  in
Assam Small Scale Industries case has finally set at rest the  issue  raised
by stating that as to what is to be  considered  relevant  is  the  date  of
supply order placed  by  the  respondents  and  when  this  Court  used  the
expression “transaction” it only meant a supply order.  The  Court  made  it
explicitly clear in para 37 of the judgment which we have already  extracted
above. In our considered opinion there is  no  ambiguity  in  the  aforesaid
judgment passed by this Court. The intent and the purpose  of  the  Act,  as
made in para 37 of the judgment, are quite clear  and  apparent.  When  this
Court said  “transaction”  it  meant  initiation  of  the  transaction  i.e.
placing of the supply orders and not  the  completion  of  the  transactions
which would be completed only when  the  payment  is  made.  Therefore,  the
submission made by the learned Senior Counsel appearing for  the  appellant-
plaintiff fails.

22. Consequently, we hold that the supply order having  been  placed  herein
prior to the coming into force of the Act, any supply made pursuant  to  the
said supply orders would be governed not by the provisions of  the  Act  but
by the provisions of Section 34 of the CPC.”

In the above case, it was held that an Act  cannot  be  given  retrospective
effect. The learned senior  counsel  contend  that  what  was  however,  not
considered  by  this  Court,  is  that  though  an  Act  may  not  be  given
retrospective effect, it can still have retroactive operation.

The learned  senior counsel appearing on  behalf  of  the  appellants  place
strong reliance upon another judgment of this Court in the  case  of  Modern
Industries v. Steel Authority of India  Ltd.[5],  wherein  it  was  held  as
under:

“9. The 1993 Act was sequel to a policy statement on small-scale  industries
made by the Government in Parliament  that  suitable  legislation  would  be
brought to ensure prompt payment of money by buyers to the small  industrial
units. It was felt that inadequate working  capital  in  a  small-scale  and
ancillary industrial undertaking was causing an  endemic  problem  and  such
undertakings were very much affected. The Small  Scale  Industries  Board—an
apex  advisory  body  on  policies  relating   to   small-scale   industrial
units—also expressed its views that  prompt  payments  of  money  by  buyers
should be statutorily  ensured  and  mandatory  provisions  for  payment  of
interest on the outstanding money, in case of default, should  be  made.  It
was felt that the buyers, if required  under  law  to  pay  interest,  would
refrain from withholding payments to small-scale  and  ancillary  industrial
undertakings. With  these  objects  and  reasons,  initially  an  ordinance,
namely, the Interest on  Delayed  Payments  to  Small  Scale  and  Ancillary
Industrial Undertakings Ordinance, 1992 was promulgated by the President  on
23-9-1992 and then the Bill was placed before both the Houses of  Parliament
and the said Bill  having  been  passed,  the  1993  Act  was  enacted.  The
Preamble to the 1993 Act reads:

“An Act to provide for and regulate  the  payment  of  interest  on  delayed
payments to  small-scale  and  ancillary  industrial  undertakings  and  for
matters connected therewith or incidental thereto.”

This Court further held as under:
“23. The wholesome purpose and object behind the  1993  Act  as  amended  in
1998 is to ensure that the buyer promptly pays the amount  due  towards  the
goods supplied or the services rendered by the supplier.  It  also  provides
for payment of interest statutorily on the  outstanding  money  in  case  of
default...”

Further, reliance is placed on the decision of this Court  in  the  case  of
Purbanchal Cables & Conductors Pvt. Ltd. (supra) wherein the date  of  “sale
agreement” was considered to be crucial to determine  the  applicability  of
the Act as under:

“52…… Since the Act envisages that the supplier  has  an  accrued  right  to
claim a higher rate of interest in terms of the Act, the same  can  only  be
said to accrue for sale agreements after the date  of  commencement  of  the
Act i.e. 23-9-1992 and not any time prior.”

It is contended that the term “sale agreement” is not  defined  in  the  Act
and thus, cannot be a                 legal test for  applicability  of  the
Act.

It is further contended that if the term  “sale  agreement”  is  to  be  the
legal test for the  applicability  of  the  Act,  then  the  same  would  be
inconsistent   with  the  judgment  of  this  Court  in  Assam  Small  Scale
Industries Development Corporation Ltd. (supra) where the  “sale  agreement”
was prior to the date of commencement of the Act yet the Court  applied  the
“transaction” and “supply order” test and applied the provisions of the  Act
on such “transactions” and “supply orders” which were  issued  on  or  after
the aforesaid date of commencement of the Act. If the “sale agreement”  test
as has been held in Purbanchal Cables &  Conductors  Pvt.  Ltd.  (supra)  is
applied, then the  sellers  in  Assam  Small  Scale  Industries  Development
Corporation Ltd. (supra) would not be entitled to higher  rate  of  interest
under the Act. It is further contended that if “sale agreement” is taken  to
be the legal test as to the applicability of the Act  then  the  same  would
also be inconsistent with the decision of this Court  in  Modern  Industries
(supra), wherein after consideration of the Aims and Objects of the Act,  it
was held that interest is payable on “outstanding money” due from the  buyer
in case of default.
The learned senior counsel  further  draw  our  attention  to  the  relevant
statutory provisions of the Act, which are extracted as under:
“2(b)(ii)-the day of deemed acceptance" means, where no  objection  is  made
in writing by the buyer regarding acceptance of  goods  or  services  within
thirty days from the day of the  delivery  of  goods  or  the  rendering  of
services, the day of the actual  delivery  of  goods  or  the  rendering  of
services;

3. Liability of buyer to make payment.-  Where  any  supplier  supplies  any
goods or renders any services to any buyer, the  buyer  shall  make  payment
therefore on or before the date agreed upon between him and the supplier  in
writing or,  where  there  is  no  agreement  in  this  behalf,  before  the
appointed day:  

Provided that in no case the period agreed upon  between  the  supplier  and
the buyer in writing shall exceed one hundred and twenty days from  the  day
of acceptance or the day of deemed acceptance.


4.Date from which and rate at which interest is payable.-  Where  any  buyer
fails to make payment of the amount  to  the  supplier,  as  required  under
section 3, the  buyer  shall,  notwithstanding  anything  contained  in  any
agreement between the buyer and the supplier or in  any  law  for  the  time
being in force, be liable to pay interest to the  supplier  on  that  amount
from the appointed day or, as the case may be,  from  the  date  immediately
following the date agreed upon, at one and half time of prime  Lending  Rate
charged by the State Bank of India.


Explanation.- For the purposes of this section," Prime Lending  Rate"  means
the Prime Lending Rate of the State Bank of India which is available to  the
best borrowers of the bank.

6.Liability of buyer to pay  compound  interest.-  Notwithstanding  anything
contained in any agreement between a supplier and a buyer or in any law  for
the time being in force, the buyer shall be liable to pay compound  interest
(with monthly interest) at the rate mentioned in section  4  on  the  amount
due to the supplier.”

Mr. Basava Prabhu  Patil,  learned  senior  counsel  contends  that  from  a
reading of Section 2(b) of the Act, it becomes clear  that  “appointed  day”
means the day following immediately  after  the  expiry  of  the  period  of
thirty days from the day of acceptance or the day of  deemed  acceptance  of
any goods or any services by a buyer from a supplier. It is  submitted  that
a careful reading of Section 2(b) along with Sections 3, 4 and 5 of the  Act
would show that a statutory  right  is  conferred  upon  the  suppliers  for
payment of interest on the delayed payments. Therefore,  the  provisions  of
the Act are retroactive in  nature.   The  learned  senior  counsel  further
contends that the judgments of this Court sought to be relied  upon  by  the
learned senior counsel appearing on behalf of the Electricity Board have  no
application to the facts of the instant case, as in those  cases  two  Judge
Benches of this Court have not correctly examined  the  aforesaid  statutory
provisions of the Act while holding that the same is prospective in  nature.

Mr. Ajit Kumar Sinha, learned senior counsel contends  that  the  provisions
of the Act are retroactive in nature and places reliance on the decision  of
the Bombay High Court in the case of Kingfisher Airlines Ltd. v. CCI[6]  and
the decision of this Court  in  the  case  of  State  of  Bombay  v.  Vishnu
Ramchandra[7], wherein it was held as under:
“There are, however, statutes which create Do new punishment, but  authorise
some action based on past  conduct.  To   such  statutes,  if  expressed  in
language showing retrospective operation, the principle is not  applied.  As
Lord Coleridge, C. J.,observed during the course  of  arguments  in  Rex  v.
Birthwhistle:

"Scores of Acts are retrospective, and may without express  words  be  taken
to be retrospective, since they  are  passed  to  supply     a  cure  to  an
existing evil."

Indeed, in that  case which arose under the Married  Women  (Maintenance  in
Case of Desertion)  Act,  1886,  the  Act  was  held  retrospective  without
express words.   It was said:

"It was intended to cure an existing evil and to afford to married  women  a
remedy for desertion, whether such desertion took place before  the  passing
of the Act or not."

Another principle which also applies is that an Act designed to protect  the
public  against   acts   of   a   harmful   character   may   be   construed
retrospectively, if the language admits such an interpretation, even  though
it may equally have a prospective meaning.”

The said principle was reiterated more recently by this Court  in  the  case
of State of Maharashtra v. Krishnarao Dudhappa Shinde[8].

The learned senior counsel also places reliance on the meaning of the  words
“retroactive”  and “retroactive  inference”,  which  have  been  defined  in
Black’s Law Dictionary (Sixth Edn.) as under :-
“Retroactive- Process of acting with reference to past occurrences.

Retroactive inference-  The  inferring  of  a  previous  fact  from  present
conditions by trier of facts.”

The learned senior counsel further contends that the  observations  made  in
Purbanchal Cables & Conductors Pvt. Ltd. (supra) are  clearly  contradictory
to the decision of this Court in the case of Assam  Small  Scale  Industries
Development Corporation Ltd. (supra). The relevant paragraph  of  Purbanchal
Cables (supra) reads as under:
“53. On a careful perusal of the judgment  of  this  Court  in  Assam  Small
Scale  Industries,  we  find  that   even   the   question   regarding   the
applicability of the Act to contracts concluded prior to coming  into  force
of the Act is no longer res integra.  This  question  is  answered  by  this
Court in Assam Small  Scale  Industries  Development  Corpn.  Ltd.  v.  J.D.
Pharmaceuticals as under: (SCC p. 36, paras 37-38)

“37. We have held hereinbefore that clause 8 of  the  terms  and  conditions
relates to the payments of balance 10%.  It  is  not  in  dispute  that  the
plaintiff had demanded both the principal amount as also the  interest  from
the Corporation. Section 3 of the 1993 Act  imposes  a  statutory  liability
upon the buyer to make payment for the supplies of any goods  either  on  or
before the agreed date or where there is no agreement before  the  appointed
day. Only when payments are not made in terms of Section 3, Section 4  would
apply. The 1993 Act came into effect from 23-9-1992 and will  not  apply  to
transactions which took place prior to that date. We find that  out  of  the
71 suit transactions, Sl. Nos. 1 to 26 (referred to in the penultimate  para
of the trial court judgment), that is supply orders between 5-6-1991 to  28-
7-1992, were prior to the date of the 1993 Act coming into force.  Only  the
transactions at Sl. Nos. 27 to 71 (that is supply orders between  22-10-1992
to 19-6-1993), will attract the provisions of the 1993 Act.

38. The 1993 Act,  thus,  will  have  no  application  in  relation  to  the
transactions entered into between June 1991 and 23-9-1992. The  trial  court
as also the High Court, therefore, committed a manifest error  in  directing
payment of  interest  at  the  rate  of  23%  up  to  June  1991  and  23.5%
thereafter.”

This Court in the abovesaid case held that any substantial law can  only  be
applied prospectively unless retrospective operation is clearly made out  in
the language of the statute. It was further held that only a  procedural  or
declaratory law operates retrospectively when there is no  vested  right  in
the procedure. Therefore, the learned senior counsel submits  that  none  of
the cases referred to above have actually examined  whether  the  provisions
of the Act are retroactive in nature or not.

The learned senior counsel further submits that the suit for interest  alone
is maintainable, as held by this Court in  the  case  of  Modern  Industries
(supra) as under:

“45. It  is  true  that  word  “together”  ordinarily  means  conjointly  or
simultaneously but this ordinary meaning put upon the said word may  not  be
apt  in  the  context  of  Section  6.  Can  it  be  said  that  the  action
contemplated in Section 6 by way of  suit  or  any  other  legal  proceeding
under sub-section (1) or by making reference to IFC  under  sub-section  (2)
is maintainable only if it is for  recovery  of  principal  sum  along  with
interest as per Sections 4 and 5 and not for interest alone? The answer  has
to be in negative.

46. We approve the view of Gauhati High Court  in  Assam  State  Electricity
Board that word `together' in Section 6(1) would mean `along  with'  or  “as
well as”. Seen thus, the action under Section 6(2) could be  maintained  for
recovery of principal  amount  and  interest  or  only  for  interest  where
liability is admitted or has been disputed in respect of goods  supplied  or
services rendered….”

The learned senior counsel further refers to the decision of this  Court  in
the case of Purbanchal Cables & Conductors Pvt.  Ltd.  (supra)  and  submits
that in the case, the correct factual and legal position  as  laid  down  in
the case of Assam Small Scale Indutries Development Corporation (supra)  has
not been appreciated.  Therefore, the suit filed by the first  appellant  in
respect of the interest cannot  be  held  as  barred  by  res  judicata.  In
support of  this  contention,  the  learned  senior  counsel  places  strong
reliance on the decision of this Court in Sushil Kumar Mehta v.  Gobind  Ram
Bohra[9], wherein it was held as under:
“………a pure question of a law unrelated to facts which    are  the  basis  or
foundation of a right, cannot be  deemed  to  be  a  matter  in  issue.  The
principle of res judicata is a facet of procedure  but  not  of  substantive
law. The decision on an issue of law founded on fact in issue would  operate
as    res judicata. But when the law has  since  the  earlier  decision  had
been altered by a competent  authority  or  when      the  earlier  decision
declares a transaction to be valid despite prohibition by law  it  does  not
operate as res judicata. Thus a question of jurisdiction of a Court or of  a
procedure or a pure question of law unrelated to the right  of  the  parties
founded purely on question of fact in the previous suit is not res  judicata
in the subsequent suit. A question relating to jurisdiction of  a  Court  or
interpretation of provisions of a statute cannot  be  deemed  to  have  been
finally determined by an erroneous decision of a Court.”

       The learned senior counsel  further  places  reliance  on  the  three
Judge Bench decision of this Court in  the  case  of  Mathura  Prasad  Bajoo
Jaiswal v. Dossibai N.B. Jeejeebhoy[10], wherein it was held as under:
“...But the doctrine of res judicata belongs to the domain of procedure:  it
cannot be exalted to the status  of  a  legislative  direction  between  the
parties so as to determine the question relating to  the  interpretation  of
enactment affecting the jurisdiction of a Court finally between  them,  even
though no question of fact or mixed question of law and  fact  and  relating
to the right in dispute between the parties has been determined  thereby.  A
decision of a competent Court on a matter in issue may be  res  judicata  in
another proceeding between the same parties: the "matter in  issue"  may  be
an issue of fact, an issue of law, or one of mixed law and  fact.  An  issue
of fact or an issue of mixed law and fact decided by a  competent  court  is
finally determined between the parties and cannot be re-opened between  them
in another proceeding. The previous decision on a matter in issue  alone  is
res judicata: the reasons for the decision are not res judicata.   A  matter
in issue between the parties is the  right  claimed  by  one  party      and
denied      by the other, and the  claim  of  right  from  its  very  nature
depends upon proof of facts and application of the relevant law  thereto.  A
pure question of law unrelated to facts which give rise to a  right,  cannot
be deemed to be a matter in issue.”

On the issue of limitation, the learned senior counsel places reliance  upon
Section 19 and Article 25 of  the  Limitation  Act,  1963  and  also  places
reliance on the decision of the Bombay High  Court  in  the  case  of  Angel
Infin Pvt. Ltd. v. M/s Echjay Industries Ltd.[11], wherein it  was  held  as
under:

“Applying the above observations of the Apex  Court,  one  has  to  look  to
Section 19 of the Act and  read  the  expression  "debt"  appearing  therein
along with the articles in the Schedule to the Limitation Act. The  Articles
provide for different periods of limitation for different  types  of  debts.
They also provide different  dates  from  which  the  period  of  limitation
begins to run. A glance at the said  Schedule  would  show  that  there  are
large variety of debts as for example, for  Seamen's  Wages,  for  price  of
Goods sold and supplied, for price  of  Lodging,  for  hire  of  Animals  or
Vehicles or price of Trees or growing Crops, for price  of  work  done,  for
money lent under an agreement, for money  lent  without  an  agreement,  for
money received by the Defendants for Plaintiffs use, for interest on  monies
lent, for amounts due under Bills of Exchange, Promissory  Notes  etc.  This
will show that Article 25  refers  to  only  the  debt  of  interest,  while
Article 19 refers to the debt of loan. Since  there  are  various  types  of
debts provided under the schedule with different periods of  limitation  and
different dates from which the limitation begins to run, the  Parliament  in
Section 19 of the said Limitation Act, 1963 has advisedly used  the  generic
expression "debt". This debt may be of one type or  another  type,  but  the
payment on account  of  one  type  of  debt  cannot  extend  the  period  of
limitation for another type of debt. Debt  could  be  either  for  principal
loan amount or it could be for interest.”

The learned senior counsel contends that in the instant case, the  suit  has
been filed within the period of limitation as the last payment was  made  by
the buyer on 05.03.1994, and Money Suit 21/97 was filed in March  1997.  The
period of limitation would start running from then only.

The learned senior counsel  further  submits  that  the  present  appeal  is
maintainable even in light of the withdrawal of SLP (C) No.  12217  of  2001
in the case of M/s Trusses & Towers (P)  Ltd.  v.  Assam  State  Electricity
Board and Anr. on 06.08.2001. It was stated therein that there was an  error
in the judgment of the  High  Court.  Accordingly,  the  petitioner  therein
filed Review Petition No. 75 of 2001 before the High Court of  Gauhati.  The
High Court on 19.03.2013  passed  an  order  in  the  said  Review  Petition
allowing only 9% simple interest per annum. Aggrieved of the  said  judgment
and order, M/s Trusses & Towers Pvt. Ltd. filed SLP (C) No.  15274  of  2013
on 10.04.2013. The learned senior counsel places reliance  on  the  decision
of this Court in the case  of  Sushil  Kumar  Sen  v.  State  of  Bihar[12],
wherein it was held as under:
“2. It is well settled that  the  effect  of  allowing  an  application  for
review of a decree is to vacate  the  decree  passed.  The  decree  that  is
subsequently passed on review, whether it  modifies,  reverses  or  confirms
the decree originally passed, is  a  new  decree  superseding  the  original
one...”

The learned senior counsel further places reliance on the decision  of  this
Court in the case of DSR Steel (Pvt.) Ltd. v. State of Rajasthan &  Ors.[13]
, wherein it was held as under:
“25. Different situations may arise in relation to  review  petitions  filed
before a court or tribunal.
25.1. One of the  situations  could  be  where  the  review  application  is
allowed, the decree or order passed by the court or tribunal is vacated  and
the appeal/proceedings in which the same is made are  reheard  and  a  fresh
decree or order passed in the same. It is manifest that in such a  situation
the subsequent decree alone is appealable not because  it  is  an  order  in
review but because it is a decree that is passed in a proceeding  after  the
earlier decree passed in the very same proceedings has been vacated  by  the
court hearing the review petition.
25.2. The second situation that one can conceive of  is  where  a  court  or
tribunal makes an order in a review petition by which  the  review  petition
is allowed and the decree/order under review is reversed or  modified.  Such
an order shall then be a composite order whereby the court not only  vacates
the earlier decree or order but  simultaneous  with  such  vacation  of  the
earlier decree or order, passes another decree or order or modifies the  one
made earlier. The decree so vacated reversed or modified is then the  decree
that  is  effective  for  the  purposes  of  a  further  appeal,   if   any,
maintainable under law.”

On the other hand, Mr. Vijay Hansaria, learned senior counsel  appearing  on
behalf of the Electricity Board places strong reliance upon the judgment  of
this Court in the case of Purbanchal Cables & Conductors Pvt.  Ltd.  (supra)
and contends that it is well settled position of law that  the  Act  has  no
retrospective application. Therefore, the suit in  the  instant  case  which
has been filed for claiming interest alone is not maintainable. The  learned
senior counsel further contends that the suit is barred  by  limitation.  It
is submitted that the last date of supply was 04.10.1993. Thus,  the  period
of limitation for recovery of amount of Rs.53.68 lakhs, which is the  amount
due towards the interest on delayed payments and the future interest  @  27%
expired on 03.10.1996.

The learned senior counsel further contends  that  the  case  of  the  first
appellant is not maintainable not only on the  question  of  limitation  but
also in view of the decision of this Court in the case of Purbanchal  Cables
& Conductors Pvt. Ltd. (supra)  wherein the appellant was also a  party.  In
that case, this Court while  dismissing  the  appeal  reiterated  the  legal
principle that the provisions of the Act do not have  retrospective  effect.
The learned senior counsel contends  that  the  said  judgment  between  the
appellant and the respondent-Board is binding on the  appellant.  Therefore,
the same issue cannot be re-agitated in this appeal as the decision of  this
Court in the case of  Purbanchal  Cables  &  Conductors  Pvt.  Ltd.  (supra)
operates as res judicata.

We have heard  the  learned  senior  counsel  appearing  on  behalf  of  the
parties. With  reference  to  the  aforesaid  rival  legal  contentions  the
following questions of law would arise for consideration:
Whether provisions of the Act are retroactive in nature?
Whether  non  consideration  of  this  aspect  of  the  matter  renders  the
decisions of this Court in Modern Industries (supra) and  Purbanchal  Cables
& Conductors Pvt. Ltd. (supra) as sub silentio?
Whether the judgment rendered in Purbanchal Cables &  Conductors  Pvt.  Ltd.
(supra) operates as res judicata in the instant case?
Whether the suit filed by the appellants is barred by limitation?
Whether the appeal against the review  in  the  connected  matter  in  Civil
Appeal @ SLP (C) No.15274 of 2013  (M/s  Trusses  &  Towers  Pvt.  Ltd.)  is
maintainable?
What order?
  Answer to Point nos. 1 and 2

In my considered view after considering  the  rival  legal  submissions  and
judgments of this Court referred to supra, issue Nos. 1 and 2  are  required
to be answered in favour of the appellants for the following reasons:
      At the outset, it would be necessary to advert  to  the  statement  of
the objects and reasons of the Act, the relevant  parts  of  which  read  as
under:
“ A policy statement on small scale industries was made  by  the  Government
in Parliament. It was stated at that time that  suitable  legislation  would
be brought to ensure  prompt  payment  of  money  by  buyers  to  the  small
industrial units.
2. Inadequate working capital in a small scale or  an  ancillary  industrial
undertaking causes serious and endemic  problems  affecting  the  health  of
such undertakings. Industries in this sector have also been  demanding  that
adequate measures by taken  in  this  regard.  The  Small  Scale  Industries
Board, which is an apex advisory body on polices  relating  to  small  scale
industrial units with representatives  from  all  the  States,  governmental
bodies and  the  industrial  sector,  also  expressed  this  view.  It  was,
therefore,  felt  that  prompt  payments  of  money  by  buyers  should   be
statutorily ensured and mandatory provisions for payment of interest on  the
outstanding money, in case of  default,  should  be  made.  The  buyers,  if
required under law to pay interest, would refrain from  withholding  payment
to small scale and ancillary industrial undertakings.
.......”

Before examining the decisions of this Court in which the provisions of  the
Act have been interpreted, it would be useful to advert  to  the  provisions
themselves and understand the scheme of the Act.
      Section 2(b) of the Act defines ‘appointed day’ as under:
“b)   "Appointed day, means the day following immediately after  the  expiry
of the period of thirty days from the  day  of  acceptance  or  the  day  of
deemed acceptance of any goods or any services by a buyer from a supplier.
Explanation- For the purposes of this clause, -
(i) 'The day of acceptance' means, -
(a) The day of the actual delivery of goods or the  rendering  of  services;
or
(b)  Where  any  objection  is  made  in  writing  by  the  buyer  regarding
acceptance of goods or services within thirty  days  from  the  day  of  the
delivery of goods or the rendering  of  services,  the  day  on  which  such
objection        is         removed         by         the         supplier;

(ii)'The day of deemed acceptance' means, where  no  objection  is  made  in
writing by the buyer  regarding  acceptance  of  goods  or  services  within
thirty days from the day of the delivery  of  goods   or  the  rendering  of
services, the day of the actual  delivery  of  goods  or  the  rendering  of
services;
                       (emphasis laid by this Court)

At this stage, it is also important to examine Sections 3 and 4 of the  Act,
which provide for liability of the supplier to make payment,  and  the  date
from which such interest is payable. They read as under:
3. Liability of buyer to make  payment.--Where  any  supplier  supplies  any
goods or renders any services to any buyer, the  buyer  shall  make  payment
therefore on or before the date agreed upon between him and the supplier  in
writing or,  where  there  is  no  agreement  in  this  behalf,  before  the
appointed day.
4. Date from which and rate at which interest is payable.--Where  any  buyer
fails to make payment of the amount  to  the  supplier,  as  required  under
section 3  the  buyer  shall,  notwithstanding  anything  contained  in  any
agreement between the buyer and the supplier or in  any  law  for  the  time
being in force, be liable to pay interest to the  supplier  on  that  amount
from the appointed day or, as the case may  be,  from  the  day  immediately
following the date agreed upon, at such rate which is five per cent.  points
above the floor rate for comparable lending.
     Explanation.--For  the  purposes  of  this  section,  'floor  rate  for
comparable lending' means the highest of the minimum lending  rates  charged
by scheduled banks (not  being  co-operative  banks)  on  credit  limits  in
accordance  with  the  directions  given  or  issued  to  banking  companies
generally by the Reserve Bank  of India under the  Banking  Regulation  Act,
1949.(10 of 1949).”
                       (emphasis laid by this Court)

Section 3 of the Act lays down the liability of the buyer  to  make  payment
before the appointed day, which, according to the definition in  section  2,
is the day after the expiry of 30 days from the delivery  of  the  goods  or
the rendering of service. Section 4 of the Act provides the date from  which
the interest is payable. According to Section 4 of the  Act,  the  liability
on the buyer accrues from the appointed day. At the cost of  repetition,  as
Section 2(b) of the Act makes explicitly clear, appointed  day  is  the  day
following the expiry of thirty days from the date of  acceptance,  which  is
the day of delivery of goods or rendering  of  services.  In  my  considered
view, the language of the legislature could not have been more clearer  than
what has been explicitly made it very clear. It has clearly stated what  the
legislature had in contemplation at the time of enactment of the Act as  the
focal date was the date of actual delivery of  goods  or  the  rendering  of
services, and not the date on which the transaction was entered into.
The interpretation of the provisions of the Act has been the subject  matter
of four recent decisions of this Court. Starting  with  the  case  of  Assam
Scale  Industries  Development  Corporation  Ltd  (supra),  wherein  it  was
erroneously held that the Act came into force with  effect  from  23.09.1992
and  therefore  the  provisions  of  the   Act   has   no   application   to
“transactions” which took place prior to that date. This Court in  the  said
case adverted to the words “transaction” and “supply order” though they  are
not defined under Section 2 of the Act. This  Court  further  did  not  take
into consideration the statement of objects and reasons of the Act  and  the
Parliamentary debates before the Act was enacted while arriving at the  said
conclusion regarding the applicability of the Act.

While the statement of objects and reasons and Parliamentary debates  cannot
be used to ascertain the meaning of the specific words of an  enactment,  it
is well settled position of law laid  down  by  various  decisions  of  this
Court that the same can be used to understand the general context  in  which
the legislation was passed by the Parliament, as well as the evil it  sought
to remedy. A constitution bench of this Court held in the case of  State  of
West Bengal v. Subodh Gopal Bose[14] as under:
 “It is well settled by  this  court  that  the  statement  of  objects  and
reasons is not admissible as an aid to the construction of  a  statute  (See
Aswini Kumar Ghose v. Arabinda Bose) and I am not, therefore,  referring  to
it for the purpose of construing any part of the Act or of ascertaining  the
meaning of any word used in the Act but I am referring to it  only  for  the
limited purpose of ascertaining the conditions prevailing at the time  which
actuated the sponsor of the Bill to introduce the same and  the  extend  and
urgency of the evil which he sought to remedy.”

The said principle of law was reiterated by  a  Seven-Judge  Bench  of  this
Court more recently in the  case  of  State  of  Gujarat  v.  Mirzapur  Moti
Kureshi Kasab Jamat[15] as under:
      “Reference to the Statement of Objects and Reasons is permissible  for
understanding the background, antecedent state of  affairs  in  relation  to
the statute, and the evil which the  statute  was  sought  to  remedy.  (See
-Principles of Statutory Interpretation by Justice G.P. Singh, 9th  Edition,
2004, at p. 218). In State of West Bengal v. Subodh  Gopal  Bose  and  Ors.;
the Constitution Bench  was  testing  the  constitutional  validity  of  the
legislation impugned therein. The Statement of Objects and Reasons was  used
by S.R. Das, J. for ascertaining  the  conditions  prevalent  at  that  time
which led to the introduction of the Bill and the extent and urgency of  the
evil  which  was  sought  to  be  remedied,  in  addition  to  testing   the
reasonableness of the restrictions imposed by  the  impugned  provision.  In
his opinion, it was indeed very unfortunate that the  Statement  of  Objects
and Reasons was not placed before the High Court which would  have  assisted
the High Court in arriving at the right conclusion as to the  reasonableness
of the restriction imposed. State of West Bengal v. Union of India  approved
the  use  of  Statement  of  Objects  and  Reasons  for   the   purpose   of
understanding the background and the antecedent  state  of  affairs  leading
upto the legislation.”

Again in the case of Shakti Tubes (supra) this Court continued  to  use  the
words “transaction” and “supply orders” as have  been  referred  to  in  the
case of Assam Small Scale Industries Development Corporation  Ltd.  (supra).
It was held that the Act in question cannot be given  retrospective  effect.
On this aspect, this Court observed as under:
“26. There is no dispute with regard to the fact that the  Act  in  question
is a welfare legislation which was enacted to protect the  interest  of  the
suppliers especially suppliers of the nature  of  a  small  scale  industry.
But, at the same time, the intention and the purpose of the  Act  cannot  be
lost sight of and the Act  in  question  cannot  be  given  a  retrospective
effect so long as such an intention is not  clearly  made  out  and  derived
from the Act itself.”
                            (emphasis laid by this Court)

While the Court made this observation, it did not correctly  appreciate  the
intention and purpose of the Act, which was to ensure that the  small  scale
and ancillary industries do not suffer as a result of delay  in  payment  of
outstanding money in cases of default.

     This Court in the case of Modern Industries  (supra),  interpreted  the
scope of the Act as under:

 “9.  The  1993  Act  was  sequel  to  a  policy  statement  on  small-scale
industries made by the Government in Parliament  that  suitable  legislation
would be brought to ensure prompt payment of money by buyers  to  the  small
industrial units. It was felt that inadequate working capital  in  a  small-
scale and ancillary industrial undertaking was causing  an  endemic  problem
and such undertakings were very much affected. The  Small  Scale  Industries
Board—an apex advisory body on policies relating to  small-scale  industrial
units—also expressed its views that  prompt  payments  of  money  by  buyers
should be statutorily  ensured  and  mandatory  provisions  for  payment  of
interest on the outstanding money, in case of default, should  be  made.  It
was felt that the buyers, if required  under  law  to  pay  interest,  would
refrain from withholding payments to small-scale  and  ancillary  industrial
undertakings. With  these  objects  and  reasons,  initially  an  ordinance,
namely, the Interest on  Delayed  Payments  to  Small  Scale  and  Ancillary
Industrial Undertakings Ordinance, 1992 was promulgated by the President  on
23-9-1992 and then the Bill was placed before both the Houses of  Parliament
and the said Bill  having  been  passed,  the  1993  Act  was  enacted.  The
Preamble to the 1993 Act reads:

“An Act to provide for and regulate  the  payment  of  interest  on  delayed
payments to  small-scale  and  ancillary  industrial  undertakings  and  for
matters connected therewith or incidental thereto.

23. The wholesome purpose and object behind the 1993 Act as amended in  1998
is to ensure that the buyer promptly pays the amount due towards  the  goods
supplied or the services rendered by the  supplier.  It  also  provides  for
payment of  interest  statutorily  on  the  outstanding  money  in  case  of
default. Section 3, accordingly, fastens liability upon the  buyer  to  make
payment for goods supplied or services rendered to the buyer  on  or  before
the date agreed upon in writing or before the appointed day and  when  there
is no date agreed upon in writing, the appointed day shall  not  exceed  120
days from the day of acceptance.”
              (emphasis laid by this Court)

In the said case, while it was held that  the  provisions  of  the  Act  are
prospective in nature based on the decisions of this Court in  the  case  of
Assam Small  Scale  Industries  Development  Corporation  Ltd.  (supra)  and
Shakti  Tubes  (supra),  it  was  observed  that  the  said  cases  have  no
applicability to the facts of the case because while the contract  had  been
entered into on 15.01.1983, there were alterations to it through the  years,
with the last alteration on 29.04.1995. Since the contract was last  altered
in 29.04.1995, the Act would be applicable to the facts of the case.

Thus, while the ‘transaction’, as understood from the meaning sought  to  be
given to them in the judgments of Assam Small Scale  Industries  Development
Corporation Ltd. (supra) and Shakti Tubes (supra) was entered into  in  that
case prior to the Act coming into force, the Act was made applicable  to  it
on the basis that the contract has been altered  after  the  Act  came  into
force. Essentially, what the decision in the case of Modern Industries  ends
up by introducing a new test for the  applicability  of  the  Act,  that  of
‘date of contract alteration’. This Court in the case of  Purbanchal  Cables
& Conductors Pvt. Ltd. (supra), has held as under:

“52… Since the Act envisages that the  supplier  has  an  accrued  right  to
claim a higher rate of interest in terms of the Act, the same  can  only  be
said to accrue for sale agreements after the date  of  commencement  of  the
Act i.e. 23-9-1992 and not any time prior.”

The said conclusion of the two Judge  Bench  has  been  arrived  at  without
noticing that the term “sale agreement” has not been defined in the Act  and
is not even  a  legal  test  for  applicability  of  the  Act.  If  a  “sale
agreement” is taken to be the legal test, the  same  would  be  inconsistent
with the judgment of this Court in the case of Assam Small Scale  Industries
Development Corporation Ltd. (supra), wherein though  the  “sale  agreement”
was prior to the date of commencement of the Act, this Court  held  that  it
was the date of “transaction” and “supply order” test which applied  as  the
transaction was entered into after the commencement of the Act, and  if  the
“sale agreement” test is to be applied, then the seller  in  the  said  case
would not be entitled  to higher rate of interest under the Act.

Further if “sale agreement” is taken to be the legal test,  the  same  would
also be inconsistent  with the decision of this Court in the case of  Modern
Industries (supra),  wherein  the  test  is  neither  of  “transaction”  nor
“supply order”, but that of “contract alteration”. In  the  said  case,  the
Act was deemed to apply even though the “transaction” had been entered  into
prior to the coming into force of the Act, the  contract  had  been  altered
several times, and these alterations had happened after  the  Act  had  come
into effect.

 Therefore, there is a need to reconcile the  aforesaid  inconsistent  legal
tests for the applicability of the Act as laid  down  in  the  decisions  of
this Court in the four cases referred to supra.

As I have already discussed above, a cumulative reading  of  the  definition
clauses of Sections 2,  3  and  4  of  the  Act  as  extracted  supra  leave
absolutely no room for doubt that the test for applicability of the  Act  is
not the date of transaction, or supply order, or  contract  alteration,  but
quite simply, the date of the delivery of goods or  rendering  of  services.
What is also interesting to note in this case at this stage is point  no.  3
of the statement of objects and reasons appended to the Act, which reads  as
under:
“Since Parliament  was  not  in  session  and  circumstances  existed  which
rendered it necessary to take immediate  action,  the  Interest  on  Delayed
Payments to Small Scale and  Ancillary  Industrial  Undertakings  Ordinance,
1992 (15 of 1992) was promulgated by the President on  the  23rd  September,
1992.”
                   (emphasis laid by this Court)

Further, Section 4 did not figure in the Act when it was originally  passed.
It was introduced by way of an amendment (Act 23 of 1998). The statement  of
objects and reasons of the Amendment Act reads as under:
“Though the Act has been in operation  for  a  period  of  five  years,  the
problem of delays in the payment of outstanding  dues  to  the  small  scale
industrial units continues unabated. There have been widespread  discussions
on the provisions of the Act among the  various  interest  groups  including
the Departments of State Governments  dealing  with  industries,  banks  and
small  industry  associations.  The  general  consensus  emerged  from  such
discussions is that certain amendments to the Act are necessary in order  to
make it more effective so that the  aims  and  objectives  of  the  Act  are
achieved.”

It was in the backdrop of this introduction that Section 4 of  the  Act  was
inserted. The phraseology of the Section  makes  it  amply  clear  that  the
liability of the buyer arises after the supply of the goods or rendering  of
services. Section 4 is just a reiteration of the legislative  intent  as  to
the applicability of the Act, which is in those cases where  the  supply  of
goods or rendering of services took place after the  coming  into  force  of
the Act.

   A cumulative reading of the aforesaid Sections  of  the  Act  shows  that
though a catena of cases which have been  extensively  adverted  to  in  the
case of Purbanchal Cables & Conductors Pvt. Ltd. (supra) have held that  the
statutory provisions of the 1993 Act do not  have  retrospective  operation,
they have failed to consider the aforesaid statutory  aspects  in  a  proper
perspective keeping in view the objects and  reasons  of  the  Act  and  the
usage of the non obstante clause phrase in Section 4 of the  Act  which  has
been extracted supra.

The Act was enacted in order to provide a  boost  to  the  small  scale  and
ancillary industries, which were suffering as  a  result  of  irregular  and
delayed payments. A perusal of the statement of objects and reasons  of  the
Act, the relevant portion of which has been extracted supra, makes it  clear
that the small scale industries were  suffering  as  a  result  of  lack  of
working  capital,  which  was  affecting  the  economic   health   of   such
industries. Prompt payment on the outstanding money, it was felt,  that  was
the need of the hour. In this context, the provisions of Sections  3,  4,  5
of the Act, assume significance. More so in light of the fact  that  in  the
definition clause of Section 2 of the Act, the legislature has  not  defined
the words ‘transaction’ or ‘supply order’. It chose to only give  definition
to the terms, inter alia, ‘appointed day’,  ‘buyer’  and  ‘supplier’.  Since
the focus of the Act is on delayed payment, which is in consonance with  the
definition of the term  ‘appointed  day’  as  well,  there  is  no  need  to
consider when the ‘transaction’ was entered into or the date of the  ‘supply
order’. Section 3 of the Act clearly provides  that  the  liability  of  the
buyer to make payment accrues after the supplier supplies goods  or  renders
any services to the buyer. Thus, what was envisaged by  the  legislature  as
delayed payment was payment of the outstanding money  due  to  the  supplier
after the goods had been supplied, and after the date  agreed  upon  or  the
date of deemed acceptance. A bare reading of  the  Section  makes  it  clear
that the date of entering into the agreement or the  date  of  supply  order
were not in contemplation of the legislature  at  all.  Thus,  it  is  amply
clear from a bare reading of Section 3 that for the purpose of the  Act,  it
does not matter when the contract was entered into, as long  as  the  supply
of the goods was after the Act came into force on 23.09.1992. It is in  that
sense that the question of retrospective application of  the  Act  does  not
arise at all.
      This is further supported by the use of the  non  obstante  clause  in
Section 4 of the Act. At the cost of repetition, Section 4  of  the  Act  is
extracted hereunder:
“4.Date from which and rate at which interest is payable.- Where  any  buyer
fails to make payment of the amount  to  the  supplier,  as  required  under
section 3, the  buyer  shall,  notwithstanding  anything  contained  in  any
agreement between the buyer and the supplier or in  any  law  for  the  time
being in force, be liable to pay interest to the  supplier  on  that  amount
from the appointed day or, as the case may be,  from  the  date  immediately
following the date agreed upon, at one and half time of prime  Lending  Rate
charged by the State Bank of India.”
           (emphasis laid by this Court)

The use of the non obstante clause before the term  “agreement”  also  makes
it clear that once the money becomes due, which is after the supply  of  the
goods and rendering services, the buyer  is  liable  to  pay  the  statutory
interest on the delayed payment to the supplier no matter what is  contained
in the agreement between the buyer and the supplier.

Further, even on the issue of  retrospectivity,  what  was  required  to  be
examined by this Court in the aforesaid cases was  whether  by  reading  the
relevant statutory provisions Sections 3, 4, 5 and 6 of the  Act,  a  vested
statutory right  is  conferred.  As  I  have  already  held  that  aforesaid
provisions  of  the  Act  are  retroactive   in   nature   therefore,   non-
consideration of this aspect in Purbanchal Cables  &  Conductors  Pvt.  Ltd.
(supra) and cases mentioned therein, renders the said judgment sub  silentio
on this question. The contention advanced by  Mr.  Vijay  Hansaria,  learned
senior counsel appearing on behalf of the Electricity Board in  this  regard
cannot be accepted. The  learned  senior  counsel  places  reliance  on  the
decisions of this Court in the case of State of U.P. &  Anr.  v.  Synthetics
And Chemicals Ltd. & Anr.[16], as well as Arnit Das v.  State  of  Bihar[17]
in  support  of  the  proposition  that  taking  note  of  the  hierarchical
character of judicial system in India, it is of  paramount  importance  that
law declared by this Court  be  certain,  clear  and  consistent.  The  said
proposition of law cannot be doubted at all. But the  question  required  to
be examined in Purbanchal Cables & Conductors Pvt.  Ltd.  (supra)  was  non-
consideration of the relevant statutory provisions of the  Act  adverted  to
above and interpreting the same for the purpose of examining as  to  whether
the provisions of the  Act would be  retroactive  in  nature  and  confer  a
statutory right on the supplier. Non-consideration of  the  said  provisions
in a proper perspective would render the abovesaid  judgment  per  incuriam,
as held by this Court in State of U.P. & Anr. v.  Synthetics  And  Chemicals
Ltd. & Anr. (supra), wherein it was held as under:
“39. But the problem has arisen  due  to  the  conclusion  in  the  case  of
Synthetic and Chemicals. The question was if  the  State  legislature  could
levy vend fee or excise duty on industrial alcohol. The bench  answered  the
question in the  negative  as  industrial  alcohol  being  unfit  for  human
consumption the State legislation  was  incompetent  to  levy  any  duty  of
excise either under Entry 51 or Entry 8 of List II of the Seventh  Schedule.
While doing so the bench recorded the conclusion extracted earlier.  It  was
not preceded by any discussion. No reason or rationale  could  be  found  in
the order. This gives rise to an important question  if  the  conclusion  is
law declared under Article 141 of the Constitution or  it  is  per  incuriam
and is liable to be ignored.

40.‘Incuria’  literally  means  ‘carelessness’.  In  practice  per  incuriam
appears  to  mean  per  ignoratium.  English  courts  have  developed   this
principle in relaxation of the rule of stare decisis. The ‘quotable in  law’
is avoided and ignored if it is rendered, ‘in ignoratium  of  a  statute  or
other binding authority’. (Young v. Bristol Aeroplane Co.  Ltd.).  Same  has
been accepted,  approved  and  adopted  by  this  Court  while  interpreting
Article 141 of the Constitution which embodies the  doctrine  of  precedents
as a matter of law. In Jaisri  Sahu  v.  Rajdewan  Dubey  this  Court  while
pointing out the procedure to be followed  when  conflicting  decisions  are
placed before a bench extracted a passage from Halsbury’s  Laws  of  England
incorporating one of the exceptions when the decision of an appellate  court
is not binding.”

Further, the cases referred to in the decision of this Court in the case  of
Purbanchal  Cables  &  Conductors  Pvt.  Ltd.  (supra)  on  the   issue   of
prospectivity have no bearing to the facts of the instant case.  In  one  of
the decisions cited in Purbanchal Cables &  Conductors  Pvt.  Ltd.  (supra),
which is the decision of this Court in the case of Zile Singh  v.  State  of
Haryana[18], a three judge bench of this Court held as under:
“It is a cardinal principle of construction  that  every  statute  is  prima
facie prospective unless it is expressly or by  necessary  implication  made
to have a retrospective operation. But the rule  in  general  is  applicable
where the object of the statute is to affect vested rights or to impose  new
burdens or to impair existing obligations. Unless there  are  words  in  the
statute sufficient to show  the  intention  of  the  Legislature  to  affect
existing rights, it is deemed to  be  prospective  only  'nova  Constitution
futuris formam imponere debet  non  praeteritis'  --  a  new  law  ought  to
regulate what is to follow, not the past. (See  :  Principles  of  Statutory
Interpretation by Justice G.P. Singh, Ninth Edition, 2004 at p.438).  It  is
not  necessary  that  an  express  provision  be  made  to  make  a  statute
retrospective and the presumption against retrospectivity  may  be  rebutted
by necessary implication especially in a case where the new law is  made  to
cure an acknowledged evil for the benefit of the community as a whole.”
           (emphasis laid by this Court)

Since a reading of the statement of objects and reasons of the Act makes  it
very clear that the Act has been enacted for the benefit of the small  scale
and ancillary industries at large, the decision in the  case  of  Purbanchal
Cables & Conductors Pvt. Ltd.  (supra)  does  not  correctly  lay  down  the
position of law with respect to the nature of the Act and its effect on  its
prospectivity as well.

In my considered view, Purbanchal Cables & Conductors Pvt. Ltd. (supra)  and
other decisions of this  Court  referred  to  supra  did  not  consider  the
important aspect of the matter namely as to whether the  provisions  of  the
Act are retroactive or not? They merely held that the provisions of the  Act
have no retrospective effect. Thus, the judgments  have  been  rendered  sub
silentio on this aspect.
Therefore, point Nos. 1 and 2 are  answered  in  favour  of  the  appellant-
suppliers.
Answers to Point Nos. 3,4 and 5:

The contention raised by Mr. Vijay  Hansaria,  the  learned  senior  counsel
appearing on behalf  of  the  Electricity  Board  on  the  question  of  res
judicata is wholly untenable in law. The substantial question  that  was  in
issue in the case of Purbanchal Cables & Conductors Pvt. Ltd. (supra),  this
Court was not concerned with the issues that  arose  in  Assam  Small  Scale
Industries Development Corporation Ltd. (supra), the findings of which  have
been extracted supra. This Court was only concerned with maintainability  of
a suit with regard to the interest on the basis of the statutory  provisions
of the Act, in relation to those agreements  which  had  been  entered  into
prior to coming into force of the Act. The issue of whether an appellant  is
entitled to prefer a claim on the interest as provided under Section  4  was
not the issue decided in Purbanchal Cables & Conductors Pvt.  Ltd.  (supra).
Therefore, the decision in the  same  cannot  be  said  to  operate  as  res
judicata.  The  material  and  substantial  issue  with  regard   to   legal
contention was not framed and answered, therefore, it does  not  operate  as
res judicata.

On the  question  of  limitation,  I  answer  the  same  in  favour  of  the
appellants by placing reliance on Section 19 read with  Article  25  of  the
Limitation Act, 1963, which have been extracted as hereunder:

“19. Effect of payment on account of debt or of interest on legacy –

Where payment on account of a debt or  of  interest  on  a  legacy  is  made
before the expiration of the prescribed period by the person liable  to  pay
the debt or legacy or by his agent duly authorised in this behalf,  a  fresh
period of limitation shall be computed from the time when payment was made:

Provided that, save in the case of  payment  of  interest  made  before  the
1st day of January, 1928, an acknowledgment of the payment  appears  in  the
hand-writing of, or in a writing signed by the person making the payment.

Explanation - For the purposes of this section, -

(a) where mortgaged land is in the possession of the mortgagee, the  receipt
of the rent of produce of such land shall be deemed to be a payment;

(b) "debt" does not include money payable under  a  decree  or  order  of  a
court.

25. Acquisition of easement by prescription –

(1) Where the access and use of light or air to and for  any  building  have
been peaceably enjoyed therewith as an easement, and as  of  right,  without
interruption and for twenty years, and where any way or watercourse  or  the
use of any water or any other easement  (whether  affirmative  or  negative)
has been peaceably and openly enjoyed by any person claiming  title  thereto
as an easement and as of right without interruption and  for  twenty  years,
the right to such access and use of light or air, way, watercourse,  use  of
other easement shall be absolute and indefeasible.

(2) Each of the said periods of twenty years shall be taken to be  a  period
ending within two years next before the institution of the suit wherein  the
claim to which such period relates is contested.

(3) Where property over which a  right  is  claimed  under  sub-section  (1)
belongs to the Government that sub-section shall  be  read  as  if  for  the
words "twenty years" the words "thirty years" were substituted.

Explanation  - Nothing  is  an  interruption  within  the  meaning  of  this
section, unless where there is an actual discontinuance  of  the  possession
or enjoyment by reason of an obstruction by the act  of  some  person  other
than the claimant and unless such obstruction is submitted to or  acquiesced
in for one year after the claimant has notice  thereof  and  of  the  person
making or authorising the same to be made.”


Taking into consideration the supply order against the actual supply of  the
goods with payment made, the last payment  was  made  on  05.03.1994.  Thus,
time began to run from that date. Taking into consideration  the  fact  that
the date of the institution of the suit is 10.01.1997,  the  suit  has  been
filed within the period of limitation as prescribed in the  Limitation  Act.
Though on this aspect of the matter no finding has been recorded  either  by
the Trial Court or by the High Court, I answer the  question  in  favour  of
the appellants.
In view of the judgments of this Court referred to supra, upon which  strong
reliance has been placed by Mr. Ajit Sinha, the learned senior  counsel,  on
the question of maintainability of  the  appeal  filed  by  M/S  Trussees  &
Towers Pvt. Ltd questioning  the  correctness  of  the  judgment  and  order
passed in the Review Petition, we hold the same to be maintainable in law.
Answer to Point no. 6:

For the reasons stated supra, I answer the points framed  in  these  appeals
in favour of the appellants as stated above.  The  appeals  are  accordingly
allowed. All pending applications are disposed of.

         In the Civil Appeals arising out  of  SLP  (C)  Nos.  9924-9925  of
2013,vide order dated 17.02.2015, the appellants M/s Shanti Conductors  were
directed to pay an amount of Rs.38,70,000/- back  to  the  respondents.  The
respondents shall refund the amount to the appellants with 9%  interest  per
annum within six weeks from the date of receipt of the copy of this Order.



                                                       ……………………………………………J.
                                                      [V. GOPALA GOWDA]

New Delhi,
August 31, 2016


                                                                  Reportable
                        IN THE SUPREME COURT OF INDIA

                        CIVIL APPELLATE JURISDICTION

                     CIVIL APPEAL NOS. 8442-8443 OF 2016
                [Arising out of SLP [C] Nos.9924-25 of 2013]

M/s. Shanti Conductors (P) Ltd. & Anr.                    … Appellants

                                      Vs.

Assam State Electricity Board & Ors.                    … Respondents

                                    With
                        CIVIL APPEAL NO.8445 OF 2016
                  [Arising out of SLP [C] No.15274 of 2013]
                                    With
                        CIVIL APPEAL NO.8448 OF 2016
                  [Arising out of SLP [C] No.9898 of 2014]
                                     And
                        CIVIL APPEAL NO.8450 OF 2016
                   [Arising out of SLP [C] No.538 of 2016]


                               J U D G M E N T

ARUN MISHRA, J.

1.    Leave granted.

2.    I have gone through the draft judgment written by my learned  Brother.
However, I find  myself  respectfully  unable  to  agree  with  the  opinion
expressed therein for the reasons mentioned hereinafter.
3.    It is not in dispute  that  the  Assam  State  Electricity  Board  had
placed supply orders on 31.3.1992 and 13.5.1992  and  the  Act  called  “The
Interest on  Delayed  Payments  to  Small  Scale  and  Ancillary  Industrial
Undertakings Act, 1993” (hereinafter referred to as “the Act of 1993”)  came
into  force  with  effect  from  23.9.1992.  The  supply  was  completed  on
4.10.1993. On 5.3.1994 last payment had been  made.  Suit  for  recovery  of
interest amounting to Rs.53.68 lacs was filed on 10.1.1997.
4.    My learned Brother has held that the decisions in Purbanchal Cables  &
Conductors Pvt. Ltd. v. Assam State Electricity Board & Anr.  (2012)  7  SCC
462, Assam Small Scale Industries Development Corporation  Ltd.  &  Ors.  v.
J.D. Pharmaceuticals & Anr. (2005) 13 SCC 19 and Shakti Tubes  v.  State  of
Bihar & Ors. (2009)  7  SCC  673  etc.  have  not  been  correctly  decided,
therefore are per incuriam  and  sub  silentio.   The  Act  has  retroactive
operation. It has also been opined that the decision  in  Purbanchal  Cables
(supra) decided along  with  Shanti  Conductors  does  not  operate  as  res
judicata.
5.    It is apparent from the name of the Act itself that  the  same  is  to
provide  interest  on  delayed  payments  to  small  scale   and   ancillary
industrial undertakings. The Act has as  many  as  11  sections.  Section  1
deals with the extent of operation and date of  its  commencement.  The  Act
came into force on 23rd day of September, 1992.  ‘Appointed  day’  has  been
defined in section 2(b) and ‘buyer’ in section 2(c).  Both  the  definitions
are extracted hereunder :
“2(b)       "appointed day” means the day following  immediately  after  the
expiry of the period of thirty days from the day of acceptance  or  the  day
of deemed acceptance of any  goods  or  any  services  by  a  buyer  from  a
supplier;
            Explanation,- For the purposes of this clause, -
  (i)       ‘the day of acceptance’ means, -
(a)   the day of the actual delivery of goods or the rendering of  services;
or
(b)   where any  objection  is  made  in  writing  by  the  buyer  regarding
acceptance of goods or services within thirty  days  from  the  day  of  the
delivery of goods or the rendering  of  services,  the  day  on  which  such
objection        is         removed         by         the         supplier;

(ii)  “the day of deemed acceptance” means, where no objection  is  made  in
writing by the buyer  regarding  acceptance  of  goods  or  services  within
thirty days from the day of the delivery  of  goods   or  the  rendering  of
services, the day of the actual  delivery  of  goods  or  the  rendering  of
services;
(c)   “buyer” means whoever buys any goods or receives any services  from  a
supplier for consideration;”

6.    Section 3 deals with the liability of buyer to make  payment.  Payment
has to be made by the  buyer  before  the  appointed  day  if  there  is  no
agreement to the  contrary  in  writing  between  the  buyer  and  supplier.
Section 3 is extracted hereunder :

      “3. Liability of buyer to make payment.-- Where any supplier  supplies
any goods or renders any  services  to  any  buyer,  the  buyer  shall  make
payment therefor on or before the date  agreed  upon  between  him  and  the
supplier in writing or, where there is no agreement in this  behalf,  before
the appointed day:
            Provided that in no case the  period  agreed  upon  between  the
supplier and the buyer in writing shall exceed one hundred and  twenty  days
from the day of acceptance or the day of deemed acceptance.”

7.    Section 4 deals with the date from which and rate  at  which  interest
is payable. It is provided in section 4 itself that in case payment  is  not
made in terms of section 3 notwithstanding any agreement to the contrary  or
any law for the time being in force,  the  buyer  shall  be  liable  to  pay
interest from the appointed day or from the date immediately  following  the
date agreed to, at one-and-half time of Prime Lending Rate  charged  by  the
State Bank of India which is available to the best borrowers  of  the  bank.
Section 4 is extracted hereunder :
“4. Date from which and rate at which interest is payable.—Where  any  buyer
fails to make payment of the amount  to  the  supplier,  as  required  under
section 3, the  buyer  shall,  notwithstanding  anything  contained  in  any
agreement between the buyer and the supplier or in  any  law  for  the  time
being in force, be liable to pay interest to the  supplier  on  that  amount
from the appointed day or, as the case may be,  from  the  date  immediately
following the date agreed upon, at one-and-half time of Prime  Lending  Rate
charged by the State Bank of India.
Explanation.—For the purposes of this section, “Prime  Lending  Rate”  means
the Prime Lending Rate of the State Bank of India which is available to  the
best borrowers of the bank.”

8.    Section 5 contains a non-obstante clause with regard to  agreement  to
the contrary or any law for the time being in force in case buyer  fails  to
pay before the appointed day. The buyer shall  be  liable  to  pay  compound
interest, with monthly  interest,  at  the  rate  mentioned  in  section  4.
Section 5 is extracted hereunder :
      “5. Liability  of  buyer  to  pay  compound  interest.—Notwithstanding
anything contained in any agreement between a supplier and  a  buyer  or  in
any law for the time being in force,  the  buyer  shall  be  liable  to  pay
compound interest (with monthly interest) at the rate mentioned  in  section
4 on the amount due to the supplier.”

9.    Section 6 deals with recovery of amount payable under sections  4  and
5 which is recoverable by way of a suit or other proceeding  under  any  law
for the time being in force. Section 7 of the  Act  contains  the  provision
with respect to appeal. The buyer-appellant has to deposit 75  per  cent  of
the amount in terms of the decree, award or,  other  order  in  the  appeal.
Same is a condition precedent for entertainment of the appeal.   Section  7A
and 7B deal with establishment of  Industry  Facilitation  Council  and  its
composition. Section 7C requires the State  Government  to  lay  before  the
State Legislature every notification and rule made by the  State  Government
after it is issued or made. Section 8 requires a buyer in case of  audit  to
specify the amount together with the interest in  his  annual  statement  of
accounts as remains unpaid to any supplier at the  end  of  each  accounting
year. Section 9 provides that interest not to be allowed as  deduction  from
income of a buyer under the provisions of Income Tax Act. The  Act  has  the
overriding effect over other laws as provided  in  section  10.  Section  11
contains the provisions with respect to repeal and saving.
10.   It is apparent from the provisions of the Act noticed above that  none
of the provisions  in  the  various  sections  indicates  that  the  Act  is
retrospective in operation in any manner whatsoever. On  the  contrary,  the
Act requires payment to be made by a buyer before the appointed day that  is
the day following immediately after the expiry of 30 days from the  date  of
acceptance or the  deemed  acceptance  of  the  delivery  of  the  goods  or
services. The day of acceptance means day of actual  delivery  of  goods  or
rendering of service or where buyer has objected within 30 days, the day  on
which such objection is removed by  the  supplier.  Where  no  objection  is
raised in writing by the buyer regarding acceptance  of  goods  or  services
within 30 days, the appointed day would be counted from  the  day  on  which
actual delivery of goods had been  made  or  rendering  of  services.  These
provisions are not capable of being put into  retrospective  operation.  The
provisions of requirement of making the payment before  the  appointed  day,
raising of objection within 30 days and deemed acceptance  are  not  capable
of being put into retrospective operation. Section 3 deals with  respect  to
liability of the buyer to make the payment with reference to appointed  day.
The payment has to be made on or before the date  agreed  upon  between  the
buyer and supplier in writing or where there is  no  agreement,  before  the
appointed day. The proviso further bars the agreement to extend the  payment
beyond 120 days from the day of acceptance or the day of deemed  acceptance.
Thus the provisions contained in section 3 also are prospective  in  nature.
None of the provisions at all speak of the existing  liability/agreement  as
on the date of commencement of the Act. Section 4 deals with the  date  from
which and the rate at which interest is payable. A bare reading of the  same
leaves no iota of doubt that the  Act  is  prospective  in  nature  and  the
higher interest rate is applicable only on failure to make  the  payment  as
envisaged by the Act under section  3.  If  the  buyer  fails  to  make  the
payment as required under section 3, the liability to make the payment  with
interest arises.  Section  4  contains  non-obstante  clause  and  overrides
agreement or any other law to  the  contrary.  A  conjoint  reading  of  the
provisions of appointed day, sections 3 and 4 makes it clear  that  the  Act
is  prospective  in  operation.  It  has  no  retrospective   operation   or
retroactive operation. The Act does not contain any provision  with  respect
to the existing agreements as on the date of commencement of  the  Act  that
would be governed by the provisions in force at the relevant time.  The  Act
does not have the effect of invalidating prior agreements. The liability  to
make the payment of higher  interest  cannot  operate  retrospectively.  The
provisions of the Act are capable of being complied with prospectively  that
is from  the  date  on  which  Ordinance  initially  came  into  force  i.e.
23.9.1992  from  which  date  the  Act  has  been  given  effect.  There  is
absolutely no indication in the Act that it has retrospective  operation  or
retroactive operation.
Taking note of the various provisions of the Act, it is  apparent  that  the
Act of 1993 is not retrospective in operation.
11.   In ‘Principles of Statutory Interpretation’ 14th Edn. by Justice  G.P.
Singh revised by Justice A.K. Patnaik, on the basis of due consideration  of
catena of  judicial decisions, following discussion has been  made  at  page
580, para 2(a)(ii) with respect to retrospectivity of a statute :
“2.  RETROSPECTIVE OPERATION

General principles

xxx         xxx        xxx
Statutes dealing with substantive  rights.-  It  is  cardinal  principle  of
construction that every statute is prima  facie  prospective  unless  it  is
expressly or by necessary implication made to have retrospective  operation.
 There is a presumption of prospectivity  articulated  in  the  legal  maxim
‘nova constitutio futuris formam imponere debet non  praeteritis’,  i.e.  ‘a
new law ought to regulate what  is  to  follow,  not  the  past’,  and  this
presumption operates unless shown to the contrary by  express  provision  in
the statute or is otherwise discernible by necessary implication.   But  the
rule in general is applicable where the object of the statute is  to  affect
vested rights or to impose new burdens or to  impair  existing  obligations.
Unless there are words in the statute sufficient to show  the  intention  of
the Legislature to affect existing rights, it is “deemed to  be  prospective
only – “nova constitutio futuris formam  imponere  debet  non  praeteritis’.
In the words  of  LORD  BLANESBURG,  “provisions  which  touch  a  right  in
existence  at  the  passing  of  the  statute  are   not   to   be   applied
retrospectively  in  the  absence  of   express   enactment   or   necessary
intendment.”   “Every statute, it has  been  said”,  observed  LOPES,  L.J.,
“which takes away or impairs vested rights acquired under existing laws,  or
creates a  new  obligation  or  imposes  a  new  duty,  or  attaches  a  new
disability in respect of transactions already past, must be presumed  to  be
intended not to have a retrospective effect.”

12.   The Act of 1993 contains no provision which  it  can  be  said  to  be
expressly or by necessary implication of retrospective  operation.  The  Act
has the effect of overriding the laws and the  agreements,  thus  would  not
affect the law and the agreements which prevailed before coming  into  force
of the Act. As a transaction/agreement is valid  when  made,  it  cannot  be
invalidated by subsequent prohibition or provision.
13.   This Court in Assam Small  Scale  Industries  Development  Corporation
Ltd. (supra) has considered the applicability of the Act  of  1993  and  has
laid down thus :
 “37. We have held hereinbefore that clause 8 of the  terms  and  conditions
relates to the payments of balance 10%.  It  is  not  in  dispute  that  the
plaintiff had demanded both the principal amount as also the  interest  from
the Corporation. Section 3 of the 1993 Act  imposes  a  statutory  liability
upon the buyer to make payment for the supplies of any goods  either  on  or
before the agreed date or where there is no agreement before  the  appointed
day. Only when payments are not made in terms of Section 3, Section 4  would
apply. The 1993 Act came into effect from 23-9-1992 and will  not  apply  to
transactions which took place prior to that date. We find that  out  of  the
71 suit transactions, Sl. Nos. 1 to 26 (referred to in the penultimate  para
of the trial court judgment), that is  supply  orders  between  5-6-1991  to
  28-7-1992, were prior to the date of the 1993 Act coming into force.  Only
the transactions at Sl. Nos. 27 to 71 (that is supply orders between  22-10-
1992 to 19-6-1993), will attract the provisions of the 1993 Act.
38. The 1993 Act,  thus,  will  have  no  application  in  relation  to  the
transactions entered into between June 1991 and 23-9-1992. The  trial  court
as also the High Court, therefore, committed a manifest error  in  directing
payment of  interest  at  the  rate  of  23%  up  to  June  1991  and  23.5%
thereafter.
39.   xxx   xxx  xxx
40. We, therefore, are of the opinion that in relation to  the  transactions
made prior to coming into force of the said  Act,  simple  interest  at  the
rate of 9% per annum, which was the bank rate at the  relevant  time,  shall
be payable both prior to date of filing of the suit and  pendente  lite  and
as future interest in terms of Section 34 of the Code  of  Civil  Procedure.
Interest, however, will be payable in terms of the provisions  of  the  1993
Act (compound interest at the rate of 23.5% per annum) in  relation  to  the
transactions made after coming into force of the Act,  both  in  respect  of
interest payable up to the date of institution  of  the  suit  and  pendente
lite and till realisation. The judgment and decree to that  extent  requires
to be modified. It is directed accordingly.”

This Court has clearly laid down that when payments are not  made  in  terms
of section 3, section  4  would  apply.  The  Act  came  into  force  w.e.f.
23.9.1992 and would not apply to transactions  which  took  place  prior  to
that date and interest at the rate of 23 per  cent  was  disallowed  on  the
transactions ‘entered’ into between June, 1991 and 23.9.1992.
14.   In Shakti Tubes  (supra)  again,  the  question  whether  the  Act  is
prospective or retrospective, came up for consideration  before  a  Division
Bench of this Court. Supply  orders  were  made  on  16.7.1992.  Decree  for
payment of interest was passed at the rate of 24 per cent in  terms  of  the
Act of 1993. This Court  held  that  the  Act  is  prospective  and  is  not
applicable to cases where supply orders  were  placed  before  the  date  of
commencement of the Act. Therefore, it  was  held  that  the  provisions  of
section 34 CPC would be applicable. The Court  has  consciously  held  after
elaborate consideration of the provisions that the Act  is  applicable  with
reference from the date of initiation of the transaction, that is  when  the
supply order was made and not with reference to date of  completion  of  the
transaction. This Court has also explained the term  ‘transaction’  used  in
Assam Small Scale Industries’ case (supra) to mean  date  of  supply  order.
This Court has  also  considered  retrospective  applicability  of  ‘welfare
legislation’. This Court has followed the  decision  in  Assam  Small  Scale
Industries’s case (supra) and has laid down in Shakti Tubes (supra) thus :
 “17. In the light of the said facts in Assam Small  Scale  Industries  case
(2005) 13 SCC 19, it was recorded in para 37 of the judgment that while  the
Act came into effect from 23-9-1992, the supply orders were placed  only  in
respect of Sl. Nos. 1 to 26 immediately and before  coming  into  effect  of
the Act and rest of the supply orders, namely, supply orders at Sl. Nos.  27
to 71 were placed between 22-10-1992 to 19-6-1993 which were  subsequent  to
the date when the Act came into force.  In  that  context,  it  was  clearly
recorded in the judgment that the  Act  will  have  no  application  to  the
transactions that took place prior to the commencement of the  Act.  In  the
next sentence the court made  it  clear  as  to  what  is  referred  to  and
understood by the expression “transaction” when it clearly stated  that  out
of 71 transactions, Sl. Nos. 1 to 26 i.e. supply  orders  between       5-6-
1991 to 28-7-1992 being prior to 23-9-1992 when the  Act  came  into  force,
higher interest as envisaged under Sections 4 and 5 of  the  Act  cannot  be
paid and demanded in respect of the said supply orders/transactions. It  was
also made clear that the transactions at Sl. Nos. 27 to 71 only i.e.  supply
orders  between  22-10-1992  to             19-6-1993,  would  attract   the
provisions of the Act. Therefore, those supply orders which were  issued  by
the Corporation  between  22-10-1992  to  19-6-1993  were  held  to  be  the
transactions which would be entitled to get the benefit  of  the  provisions
of the Act.
18. In our considered opinion, the ratio of the aforesaid decision in  Assam
Small  Scale  Industries  case  (supra)  is  clearly  applicable  and  would
squarely govern the facts of the present case as  well.  The  said  decision
was rendered by this Court after appreciating the entire facts as  also  all
the relevant laws on the issue and therefore, we do not find any  reason  to
take a different view than what was taken by this  Court  in  the  aforesaid
judgment. Thus, we respectfully agree with the aforesaid  decision  of  this
Court which is found to be rightly arrived at  after  appreciating  all  the
facts and circumstances of the case.
                                  x x x x x
20. Being faced with the aforesaid situation,  the  learned  Senior  Counsel
appearing for the appellant-plaintiff sought to submit before  us  that  the
decision of this Court in Assam Small Scale Industries case  (supra)  refers
to the expression “transactions”. According to him, the  transactions  would
be complete only when the appellant-plaintiff made the supply and since  the
supply was made in the instant case after coming into force of the Act,  the
appellant-plaintiff would be entitled to the benefit of Sections 4 and 5  of
the Act. Refuting the  aforesaid  submission,  the  learned  Senior  Counsel
appearing for the respondents submitted that  the  aforesaid  contention  is
completely misplaced. He pointed out that if such a meaning,  as  sought  to
be given  by  the  learned  Senior  Counsel  appearing  for  the  appellant-
plaintiff, is accepted that would lead to giving benefit of  the  provisions
of the Act to unscrupulous suppliers who, in order to  get  the  benefit  of
the Act, would postpone the delivery of the goods  on  one  pretext  or  the
other.
21. We have considered the aforesaid rival submissions. This Court in  Assam
Small Scale Industries case (supra)  has  finally  set  at  rest  the  issue
raised by stating that as to what is to be considered relevant is  the  date
of supply order placed by the respondents  and  when  this  Court  used  the
expression “transaction” it only meant a supply order.  The  Court  made  it
explicitly clear in para 37 of the judgment which we have already  extracted
above. In our considered opinion there is  no  ambiguity  in  the  aforesaid
judgment passed by this Court. The intent and the purpose  of  the  Act,  as
made in para 37 of the judgment, are quite clear  and  apparent.  When  this
Court said  “transaction”  it  meant  initiation  of  the  transaction  i.e.
placing of the supply orders and not  the  completion  of  the  transactions
which would be completed only when  the  payment  is  made.  Therefore,  the
submission made by the learned Senior Counsel appearing for  the  appellant-
plaintiff fails.
22. Consequently, we hold that the supply order having  been  placed  herein
prior to the coming into force of the Act, any supply made pursuant  to  the
said supply orders would be governed not by the provisions of  the  Act  but
by the provisions of Section 34 CPC.
23. At one stage, the learned Senior Counsel appearing  for  the  appellant-
plaintiff submitted that the Act in question  is  a  beneficial  legislation
and, therefore, a liberal interpretation and wider meaning is  to  be  given
to such a beneficial and welfare legislation so as to protect  the  interest
of the supplier who is being kept on a higher pedestal by  giving  a  higher
benefit in the Act.
24. Generally, an Act should always be regarded  as  prospective  in  nature
unless the legislature has clearly intended the provisions of the  said  Act
to be made applicable with retrospective effect.
“13. It is a cardinal principle of construction that every statute is  prima
facie prospective unless it is expressly or by  necessary  implication  made
to have a retrospective  operation.  [The  aforesaid]  rule  in  general  is
applicable where the object of the statute is to affect vested rights or  to
impose new burdens or to  impair  existing  obligations.  Unless  there  are
words in the statute sufficient to show the intention of the legislature  to
affect  existing  rights,  it  is  deemed  to   be   prospective   only—nova
constitutio futuris formam imponere debet non praeteritis—a  new  law  ought
to regulate what is to follow, not the past. (See  Principles  of  Statutory
Interpretation by Justice G.P. Singh, 9th Edn., 2004 at p. 438.) It  is  not
necessary that an express provision be made to make a statute  retrospective
and the presumption against retrospectivity may  be  rebutted  by  necessary
implication especially in a case where the  new  law  is  made  to  cure  an
acknowledged evil for the benefit of the community as  a  whole  (ibid.,  p.
440).”*

25. In Zile Singh v. State of Haryana (2004) 8 SCC 1 at  p.  9,  this  Court
observed as follows: (SCC pp. 9-10, paras 15-16)
“15. Though retrospectivity is not  to  be  presumed  and  rather  there  is
presumption against retrospectivity, according to Craies (Statute  Law,  7th
Edn.), it is open for the legislature to  enact  laws  having  retrospective
operation. This can  be  achieved  by  express  enactment  or  by  necessary
implication from the language employed. If it  is  a  necessary  implication
from the language  employed  that  the  legislature  intended  a  particular
section to have a retrospective operation, the courts will give it  such  an
operation.  In  the  absence  of  a  retrospective  operation  having   been
expressly given, the courts may be called upon to  construe  the  provisions
and answer the question whether the legislature had  sufficiently  expressed
that  intention  giving  the  statute  retrospectivity.  Four  factors   are
suggested as relevant: (i) general scope and purview of  the  statute;  (ii)
the remedy sought to be applied; (iii) the former  state  of  the  law;  and
(iv) what it was the legislature contemplated. (p.  388)  The  rule  against
retrospectivity does not extend to protect from the effect of  a  repeal,  a
privilege which did not amount to accrued right. (p. 392)
16. Where a statute is passed  for  the  purpose  of  supplying  an  obvious
omission in  a  former  statute  or  to  ‘explain’  a  former  statute,  the
subsequent statute has relation back to the time  when  the  prior  Act  was
passed.  The  rule  against  retrospectivity   is   inapplicable   to   such
legislations as  are  explanatory  and  declaratory  in  nature.  A  classic
illustration is Attorney General v. Pougett (1816) 2 Price 381 : 146 ER  130
(Price at p. 392). By a Customs Act of 1873 (53 Geo. 3, c. 33)  a  duty  was
imposed upon hides of 9s 4d, but the Act omitted to state that it was to  be
9s 4d per cwt., and to remedy this omission another Customs Act (53 Geo.  3,
c. 105) was passed later in the same year. Between the passing of these  two
Acts some hides were exported, and it  was  contended  that  they  were  not
liable to pay the duty of 9s 4d per  cwt.,  but  Thomson,  C.B.,  in  giving
judgment for the Attorney General, said: (ER p. 134)
‘The duty in this instance was, in fact, imposed by the first Act;  but  the
gross mistake of the omission of the weight, for  which  the  sum  expressed
was to have been payable, occasioned the amendment made  by  the  subsequent
Act: but that had reference to the former statute as soon as it passed,  and
they must be taken together as if they were one and the  same  Act;’  (Price
at p. 392)”
26. There is no dispute with regard to the fact that the Act in question  is
a welfare legislation which was enacted  to  protect  the  interest  of  the
suppliers especially suppliers of the  nature  of  a  small-scale  industry.
But, at the same time, the intention and the purpose of the  Act  cannot  be
lost sight of and the Act  in  question  cannot  be  given  a  retrospective
effect so long as such an intention is not  clearly  made  out  and  derived
from the Act itself.”

15.   The case of appellant - M/s. Shanti Conductors Pvt. Ltd. arose out  of
same lis which was decided along with Purbanchal Cables (supra) in  which  a
Division Bench of this Court has similarly answered the  questions  involved
conclusively before remanding the matter to  High  Court  for  deciding  the
appeals. The factual background of M/s. Shanti Conductors (P) Ltd. case  has
been duly considered by this Court. It is apparent from  the  judgment  that
this Court has dealt with appeals filed by  both  the  appellants  and  with
respect to retrospective operation of the Act has laid down thus :
“Retrospective operation of the Act
32. The fundamental rule of  construction  is  the  same  for  all  statutes
whether fiscal or otherwise. The underlying principle is  that  the  meaning
and intention of a statute must be collected from the plain and  unambiguous
expression used therein rather from  any  notion.  To  arrive  at  the  real
meaning, it is always necessary  to  get  an  exact  conception,  scope  and
object of the whole Act.
33. In Zile Singh v. State of Haryana (2004) 8 SCC  1  this  Court  observed
that there were four relevant factors which needed to  be  considered  while
considering whether a  statute  applied  prospectively  or  retrospectively:
(SCC p. 9, para 15)
“15. … Four factors  are  suggested  as  relevant:  (i)  general  scope  and
purview of the statute; (ii) the remedy sought  to  be  applied;  (iii)  the
former  state  of  the  law;  and  (iv)  what   it   was   the   legislature
contemplated.”
34. The general scope of the  Act  has  been  discussed  above.  The  remedy
sought to be applied by the Act is made clear in the  Statement  of  Objects
and Reasons, in which, it is stated that due  to  the  delayed  payments  by
buyers to the  small-scale  industries,  their  working  capital  was  being
affected, causing great harm to the small-scale industries in general.  This
Act was passed by Parliament to impose a heavy interest on  the  buyers  who
delayed the payments of the small-scale industries, in order  to  deter  the
buyers from delaying the payments after accepting the supplies made  by  the
suppliers.
35. The policy  statement  of  the  Ministry  of  Micro,  Small  and  Medium
Enterprises dated 6-8-1991, reads:
“3. (3.4) A beginning has been made towards solving the problem  of  delayed
payments to small industries by setting up of ‘factoring’  services  through
Small  Industries  Development  Bank  of  India  (SIDBI).  Network  of  such
services would be  set  up  throughout  the  country  and  operated  through
commercial banks. A  suitable  legislation  will  be  introduced  to  ensure
prompt payment of small industries’ bills.”
36. Keeping in view the above object, the Act  was  enacted  by  Parliament.
Before such enactment, it is required to examine rights of the supplier  qua
the buyer prior to the commencement of the Act. In case of delayed  payment,
the supplier, prior to the commencement of the Act, was required to  file  a
suit for the payment of the  principal  amount,  and  could  claim  interest
along with the principal amount. The supplier could avail of the same  under
Section 34 of the Code of Civil Procedure, 1908 (hereinafter referred to  as
“CPC”), Section 61 of the Sale of Goods Act,  1930  and  Section  3  of  the
Interest Act, 1978.
37. In other words, the supplier whose payment  was  delayed  by  the  buyer
prior to the commencement of the Act, could file a suit for payment  of  the
principal amount along with  the  interest.  The  supplier,  thus,  had  the
vested right to claim the principal amount along with  interest  thereon  in
case of a delay in payment by the buyer and it was  the  discretion  of  the
court to award this interest.
38. The court has the discretion to award interest along with the  principal
amount and the same is clear from the use of  the  word  “may”  in  all  the
three provisions cited above. Section 34 CPC is  the  main  provision  under
which interest could be awarded by the court and Section 61 of the  Sale  of
Goods Act, 1930 is an offshoot of Section 34 CPC. Section 3 of the  Interest
Act, 1978 also makes the Interest Act subject to the  provision  of  Section
34 CPC. Hence,  we  can  safely  deduce  that  the  interest  awarded  is  a
discretion exercised by the court, on the principal amount claimed, in  case
of a suit for recovery of  payment  by  the  supplier  if  such  payment  is
delayed by the buyer.
39. With the commencement of the Act, a new vested  right  exists  with  the
supplier, that being, if there is delay in payment after the  acceptance  of
the goods by the buyer, the supplier can file a suit for  claiming  interest
at a higher rate, as prescribed by the Act. This position has been  approved
by this Court in Modern Industries (2010) 5 SCC 44. If a suit  for  interest
simpliciter is maintainable as held  by  this  Court  in  Modern  Industries
(supra),  then  a  new  liability  qua  the  buyer  is  created   with   the
commencement of the Act giving a vested right to the  supplier  in  case  of
delayed payment. In other words, if  there  is  a  delayed  payment  by  the
buyer, then a right to claim a higher rate of interest as prescribed by  the
Act accrues to the supplier.
40. The phrase “vested right”  has  been  defined  by  this  Court  in  Bibi
Sayeeda v. State of Bihar (1996) 9 SCC 516 as: (SCC p. 527, para 17)
“17. The word ‘vested’ is defined in Black’s Law Dictionary  (6th  Edn.)  at
p. 1563 as:
‘Vested; fixed; accrued; settled; absolute; complete. Having  the  character
or given the rights of absolute ownership; not contingent;  not  subject  to
be defeated by a condition precedent.’
Rights are ‘vested’ when right to enjoyment,  present  or  prospective,  has
become property of some particular person or persons  as  present  interest;
mere expectancy of future  benefits,  or  contingent  interest  in  property
founded on anticipated continuance of existing  laws,  does  not  constitute
vested rights. In Webster’s Comprehensive  Dictionary  (International  Edn.)
at p. 1397 ‘vested’ is defined as:
‘[L]aw held by a tenure subject to no contingency; complete; established  by
law as a permanent right; vested interests.’”
41. A statute creating vested rights is a substantive statute.  This  Court,
in Dhenkanal Minor Irrigation Division v. N.C. Budharaj (2001)  2  SCC  721,
opined: (SCC p. 742, para 23)
 “23. … ‘Substantive law’, is that part of the law  which  creates,  defines
and regulates rights in contrast to what is  called  adjective  or  remedial
law which provides the method of enforcing rights. Decisions, including  the
one in Jena case13 while adverting to the question of  substantive  law  has
chosen to indicate by way of illustration laws such as Sale  of  Goods  Act,
1930 [Section 61(2)], Negotiable Instruments Act, 1881  (Section  80),  etc.
The provisions of the Interest Act, 1839, which prescribe  the  general  law
of interest and become applicable in  the  absence  of  any  contractual  or
other statutory provisions specially dealing with the  subject,  would  also
answer the description of substantive law.”
42. In Thirumalai Chemicals Ltd. v. Union of India (2011)  6  SCC  739  this
Court comparing substantial law with procedural law, stated: (SCC  pp.  748-
49, paras 23-24)
“23. Substantive law refers to a body of rules  that  creates,  defines  and
regulates rights and liabilities. Right conferred on a party  to  prefer  an
appeal against an order is a substantive right conferred by a statute  which
remains unaffected by subsequent changes in law, unless  modified  expressly
or by necessary implication. Procedural  law  establishes  a  mechanism  for
determining those rights and  liabilities  and  a  machinery  for  enforcing
them. Right of appeal being a substantive right always  acts  prospectively.
It is trite law that every statute is prospective unless it is expressly  or
by necessary implication made to have retrospective operation.
24. Right of appeal may be a substantive right but the procedure for  filing
the  appeal  including  the  period  of  limitation  cannot  be   called   a
substantive right, and an aggrieved person cannot  claim  any  vested  right
claiming that he should be governed  by  the  old  provision  pertaining  to
period of limitation. Procedural law is retrospective meaning  thereby  that
it will apply even to acts or transactions under the repealed Act.”
43. In Shyam Sunder v. Ram Kumar (2001) 8 SCC 24, a  Constitution  Bench  of
this Court  discussing  the  scope  and  ambit  of  a  declaratory  law  has
observed: (SCC p. 49, para 39)
“39. Lastly, it was contended on behalf of the appellants that the  amending
Act whereby new Section 15 of the Act has been  substituted  is  declaratory
and, therefore, has retroactive  operation.  Ordinarily  when  an  enactment
declares the previous law, it requires to be given retroactive  effect.  The
function of a declaratory statute is to supply an omission or to  explain  a
previous statute and when such an Act is passed, it comes into  effect  when
the previous enactment was  passed.  The  legislative  power  to  enact  law
includes the power to declare what was the previous  law  and  when  such  a
declaratory Act is passed, invariably it has been held to be  retrospective.
Mere absence of use of the word ‘declaration’ in an Act explaining what  was
the law before may not appear to be a  declaratory  Act  but  if  the  court
finds an Act as declaratory or  explanatory,  it  has  to  be  construed  as
retrospective. Conversely where a statute uses the word  ‘declaratory’,  the
words so used  may  not  be  sufficient  to  hold  that  the  statute  is  a
declaratory Act as words may be used in  order  to  bring  into  effect  new
law.”
44. In Katikara Chintamani Dora v. Guntreddi Annamanaidu (1974)  1  SCC  567
this Court held: (SCC p. 582, para 50)
“50. It is well  settled  that  ordinarily,  when  the  substantive  law  is
altered during the pendency of an action, rights of the parties are  decided
according to law, as it existed when the action was  begun  unless  the  new
statute  shows  a  clear  intention  to  vary  such   rights   (Maxwell   on
Interpretation of Statutes, 12th Edn. 220). That is to say, ‘in the  absence
of anything in the Act, to say that it is to have  retrospective  operation,
it cannot be so construed  as  to  have  the  effect  of  altering  the  law
applicable to a claim in litigation at the time when the Act is passed’.”
45. In Govind Das v. ITO (1976) 1 SCC 906 this Court speaking  through  P.N.
Bhagwati, J. (as he then was) held: (SCC p. 914, para 11)
“11. Now it is a well-settled rule of interpretation hallowed  by  time  and
sanctified by judicial  decisions  that,  unless  the  terms  of  a  statute
expressly so provide or  necessarily  require  it,  retrospective  operation
should not be given to a statute so as to take away or  impair  an  existing
right or create a new obligation or impose a new  liability  otherwise  than
as regards matters of procedure. The general rule as stated by  Halsbury  in
Vol. 36 of the  Laws  of  England  (3rd  Edn.)  and  reiterated  in  several
decisions of this Court as well as  English  courts  is  that  all  statutes
other than those which are  merely  declaratory  or  which  relate  only  to
matters of  procedure  or  of  evidence  are  prima  facie  prospective  and
retrospective operation should not be given to a statute so  as  to  affect,
alter or destroy an existing right or create a new liability  or  obligation
unless that effect cannot be avoided without doing violence to the  language
of the enactment. If the enactment is expressed in language which is  fairly
capable of either interpretation, it ought to be  construed  as  prospective
only.”
46. In Jose Da Costa v. Bascora Sadasiva Sinai Narcornim (1976)  2  SCC  917
this Court held: (SCC p. 925, para 31)
“31. Before ascertaining the effect of the enactments  aforesaid  passed  by
the  Central  Legislature  on  pending  suits  or  appeals,  it   would   be
appropriate to bear in mind two well-established principles.  The  first  is
that ‘… while provisions  of  a  statute  dealing  merely  with  matters  of
procedure may properly, unless that construction be textually  inadmissible,
have retrospective effect attributed  to  them,  provisions  which  touch  a
right in existence at the passing of the  statute  are  not  to  be  applied
retrospectively  in  the  absence  of   express   enactment   or   necessary
intendment.’ (See Delhi Cloth and General Mills Co. Ltd.  v.  CIT  (1926-27)
54 IA 421, IA p. 425.)
The second is  that  a  right  of  appeal  being  a  substantive  right  the
institution of a suit carries with it the implication  that  all  successive
appeals available under the law then in force  would  be  preserved  to  the
parties to the suit throughout the rest of the career  of  the  suit.  There
are two exceptions to  the  application  of  this  rule  viz.  (1)  when  by
competent enactment  such  right  of  appeal  is  taken  away  expressly  or
impliedly with retrospective effect and (2) when the court to  which  appeal
lay at the  commencement  of  the  suit  stands  abolished  (see  Garikapati
Veeraya v. N. Subbiah Choudhry AIR 1957 SC 540 and Colonial  Sugar  Refining
Co. Ltd. v. Irving 1905 AC 369 : (1904-07) All ER Rep Ext 1620 [PC]).”
47. In K. Kapen Chako v. Provident Investment Co. (P) Ltd. (1977) 1 SCC  593
this Court discussing the dicta of the  English  courts  on  the  aspect  of
retrospectivity observed: (SCC pp. 602-03, paras 37-39)
“37. A statute has to be looked into for the general scope  and  purview  of
the statute and at the remedy sought to be applied. In that  connection  the
former state of the law  is  to  be  considered  and  also  the  legislative
changes contemplated by  the  statute.  Words  not  requiring  retrospective
operation so as to affect  an  existing  statutory  provision  prejudicially
ought not be so construed. It is a well-recognised rule that statute  should
be interpreted if possible so as to respect vested rights. Where the  effect
would be to alter a transaction already entered into, where it would  be  to
make that valid which was previously invalid, to make  an  instrument  which
had no effect at all, and from which the party was at liberty to  depart  as
long as he pleased, binding, the prima facie  construction  of  the  Act  is
that it is not to be retrospective. (See Gardner v. Lucas (1878)  3  AC  582
(HL).
38. In Moon v. Durden (1848) 2 Ex 22 : 154 ER 389 a  question  arose  as  to
whether Section 18 of the Gaming Act, 1845 which came into effect in  August
1845 was retrospective so as to defeat an action which  had  been  commenced
in June 1845. The relevant section provided that no suit  shall  be  brought
or maintained for recovering any such sum of money alleged to have been  won
upon a wager. It was held that it was not  retrospective.  Parke,  B.  said:
(ER p. 398)
‘It seems a strong thing to hold, that  the  legislature  could  have  meant
that a party, who, under a contract made prior to the Act, had as perfect  a
title to recover a sum of money, as he had to any of his personal  property,
should be totally deprived of it without compensation.’
39. Again in Smithies v. National Assn. of Operative Plasterers (1909) 1  KB
310, Section 4 of the Trade Disputes Act, 1906 which enacted that an  action
for tort against a trade union shall not be entertained  by  any  court  was
held not to prevent the courts from hearing and giving judgment  in  actions
of that kind begun before the passing of the Act. It is a general rule  that
when the legislature  alters  the  rights  of  parties  by  taking  away  or
conferring any right of action, its  enactments,  unless  in  express  terms
they apply to  pending  actions,  do  not  affect  them.  But  there  is  an
exception to this rule, namely, where  enactments  merely  affect  procedure
and do not extend to rights of action. See Suche (Joseph) & Co. Ltd., In  re
(1875) 1 Ch D 48. If the legislature forms a new  procedure  alterations  in
the form of procedure are retrospective unless there is some good reason  or
other why they should not be. In other words,  if  a  statute  deals  merely
with the procedure in an action, and does  not  affect  the  rights  of  the
parties it will be held to apply prima facie  to  all  actions,  pending  as
well as future.”
48. In Dahiben v. Vasanji Kevalbha 1995 Supp (2) SCC 295  this  Court  held:
(SCC pp. 299-300, para 12)
“12. As the amendment in question is not to a  procedural  law,  it  may  be
stated that the settled principle of interpretation, where  substantive  law
is amended, is that the same does not operate retrospectively unless  it  is
either expressly provided or the  same  follows  by  necessary  implication.
Lest it be thought that a vested right  cannot  be  taken  away  at  all  by
retrospective legislation, reference may be made  to  Rafiquennessa  v.  Lal
Bahadur Chetri AIR 1964 SC 1511 where it was stated that even  where  vested
rights are affected, legislature is competent  to  take  away  the  same  by
means of retrospective legislation;  and  retrospectivity  can  be  inferred
even by necessary implication.”
49. In Zile Singh v. State of Haryana (2004) 8 SCC  1  this  Court  examined
the various authorities on statutory interpretation and concluded: (SCC  pp.
8-9, paras 13-14)
“13. It is a cardinal principle of construction that every statute is  prima
facie prospective unless it is expressly or by  necessary  implication  made
to have a retrospective operation. But the rule  in  general  is  applicable
where the object of the statute is to affect vested rights or to impose  new
burdens or to impair existing obligations. Unless there  are  words  in  the
statute sufficient to show  the  intention  of  the  legislature  to  affect
existing rights, it is  deemed  to  be  prospective  only—‘nova  constitutio
futuris formam imponere debet non praeteritis’—a new law ought  to  regulate
what  is  to  follow,  not  the   past.   (See   Principles   of   Statutory
Interpretation by Justice G.P. Singh, 9th Edn., 2004 at p. 438.) It  is  not
necessary that an express provision be made to make a statute  retrospective
and the presumption against retrospectivity may  be  rebutted  by  necessary
implication especially in a case where the  new  law  is  made  to  cure  an
acknowledged evil for the benefit of the community as  a  whole  (ibid.,  p.
440).
14. The presumption against retrospective operation  is  not  applicable  to
declaratory statutes…. In determining, therefore, the  nature  of  the  Act,
regard must be had to the substance rather than to the form. If  a  new  Act
is ‘to explain’ an earlier Act, it would be without object unless  construed
retrospectively. An  explanatory  Act  is  generally  passed  to  supply  an
obvious omission or to clear up doubts as to the  meaning  of  the  previous
Act. It is well settled that if a statute is curative or merely  declaratory
of the previous law  retrospective  operation  is  generally  intended….  An
amending Act may be purely declaratory to clear a meaning of a provision  of
the principal Act which was already implicit. A clarificatory  amendment  of
this nature will have retrospective effect (ibid., pp. 468-69).”
50. In State of Punjab v. Bhajan Kaur (2008) 12 SCC  112  this  Court  held:
(SCC p. 116, para 9)
“9.  A  statute  is  presumed  to  be  prospective   unless   held   to   be
retrospective, either expressly or by necessary implication.  A  substantive
law is presumed to be prospective. It is one of the facets of  the  rule  of
law.”
51. There is no doubt about the fact that the Act is a  substantive  law  as
vested rights of entitlement to  a  higher  rate  of  interest  in  case  of
delayed payment accrues in  favour  of  the  supplier  and  a  corresponding
liability is imposed on the buyer. This Court, time and again, has  observed
that any substantive law shall operate  prospectively  unless  retrospective
operation is clearly made out  in  the  language  of  the  statute.  Only  a
procedural or declaratory  law  operates  retrospectively  as  there  is  no
vested right in procedure.
52.  In  the  absence  of  any  express  legislative   intendment   of   the
retrospective application of the Act, and by virtue of  the  fact  that  the
Act creates a new liability of a high rate of interest  against  the  buyer,
the Act cannot be construed to have  retrospective  effect.  Since  the  Act
envisages that the supplier has an accrued right to claim a higher  rate  of
interest in terms of the Act, the same can only be said to accrue  for  sale
agreements after the date of commencement of the Act i.e. 23-9-1992 and  not
any time prior.”

16.   This Court in  Purbanchal  Cables  (supra)  has  also  taken  note  of
earlier decisions of Assam Small Scale Industries’ case (supra)  and  Shakti
Tubes (supra) and after referring to them has rejected the  submission  that
the Court in Assam Small Scale  Industries  (supra)  did  not  consider  and
decide the issue whether the Act would apply to those supply  orders  placed
prior  to  commencement  of  the  Act  and  the  supply  being  made   after
commencement of the Act. This Court has held that :

“55. Assam Small Scale Industries (2005) 13 SCC  19  has  been  followed  in
Rampur Fertiliser Ltd. (2009) 12  SCC  324  as  well  as  Modern  Industries
(2010) 5 SCC 44. Therefore, we cannot agree with the  submission  that  this
Court in Assam Small Scale Industries Development Corpn. Case (2005) 13  SCC
19 did not specifically consider and decide the issue  of  whether  the  Act
would apply to such of those contracts executed prior  to  the  commencement
of the Act but the supplies being made after the commencement of the Act.”

17.   This Court  in  the  case  of   Purbanchal  Cables  (supra)  has  also
considered the effect of the  binding  precedent  and  sub  silentio  ruling
since it was urged that  Assam  Small  Scale  Industries  case  (supra)  and
Shakti Tubes (supra) did not lay down the  law  correctly.  This  Court  has
rejected the submission thus :
“Binding precedent or sub silentio ruling
56. However, the learned Senior Counsel appearing for  the  suppliers,  Shri
Rakesh Dwivedi and Shri Sunil Gupta would contend that the decision of  this
Court is not a binding precedent.
57. Shri Rakesh Dwivedi,  learned  Senior  Counsel  would  submit  that  the
decisions of this Court in Assam Small Scale Industries  (2005)  13  SCC  19
and Shakti Tubes (2009) 7 SCC 673 regarding  the  prospective  operation  of
the Act were not law  declared  under  Article  141,  as  the  points  under
consideration in those cases were different from the issues raised in  these
appeals. He would further submit that the question about  operation  of  the
Act for contracts concluded prior to 23-9-1992  was  not  even  a  question,
which came up for consideration before the Court and was not even argued  by
the learned counsel appearing in that matter, and hence  would  not  form  a
part of the ratio  of  the  decision.  He  would  further  submit  that  the
question was answered without adequately considering the provisions  of  the
beneficial legislation and therefore, it cannot  be  treated  as  a  binding
precedent.
58. Shri Sunil Gupta, learned Senior Counsel  while  adopting  the  argument
advanced by Shri Dwivedi on this issue, would  submit  that  there  are  two
exceptions to the doctrine  of  precedent,  namely,  per  incuriam  and  sub
silentio. It was on the strength of the latter that Shri Gupta would  submit
that the decisions of this Court in Assam Small Scale Industries  (2005)  13
SCC  19  and  Shakti  Tubes  (2009)  7  SCC  673  cannot  be  considered  as
precedents. The learned Senior Counsel would state  that  a  decision  would
not apply as a precedent when the court has failed to consider  the  objects
and purpose of the Act in question and also certain  previous  judgments  of
this Court. He would further contend that  the  aforesaid  judgments  suffer
from the sub silentio principle being rendered  without  full  and  adequate
arguments on the issue. The learned Senior Counsel  would  also  state  that
the Court did not look at the issue from the viewpoint canvassed presently.
59. The learned Senior Counsel would rely on the decision of this  Court  in
MCD v. Gurnam Kaur (1989) 1 SCC 101. This Court has held: (SCC  pp.  110-11,
paras 11-12)
“11. Pronouncements of law, which are not part of the  ratio  decidendi  are
classed as obiter dicta and are not authoritative. With all respect  to  the
learned Judge who passed the order in Jamna Das case  [WPs  Nos.  981-82  of
1984 decided on 29.3.1985 (SC)] and to the learned  Judge  who  agreed  with
him, we cannot concede that this  Court  is  bound  to  follow  it.  It  was
delivered without argument, without reference to the relevant provisions  of
the Act conferring express power on  the  Municipal  Corporation  to  direct
removal of encroachments from any public  place  like  pavements  or  public
streets, and without any citation  of  authority.  Accordingly,  we  do  not
propose to uphold the decision of the High Court because,  it  seems  to  us
that it is wrong in principle and cannot be justified by the  terms  of  the
relevant provisions. A decision should be  treated  as  given  per  incuriam
when it is given in ignorance of the terms of a statute or of a rule  having
the force of a  statute.  So  far  as  the  order  shows,  no  argument  was
addressed to the court on the question whether or not  any  direction  could
properly be made compelling the Municipal Corporation to construct  a  stall
at the pitching site of a  pavement  squatter.  Professor  P.J.  Fitzgerald,
editor of Salmond on Jurisprudence, 12th Edn. explains the  concept  of  sub
silentio at p. 153 in these words:
A decision passes sub silentio, in the technical sense that has come  to  be
attached to that phrase, when the particular point of law  involved  in  the
decision is not perceived by the court or present to  its  mind.  The  court
may consciously decide in favour of one party because of Point A,  which  it
considers and pronounces upon. It may be shown, however, that logically  the
court should not have decided in favour of the particular  party  unless  it
also decided Point  B  in  his  favour;  but  Point  B  was  not  argued  or
considered by the  court.  In  such  circumstances,  although  Point  B  was
logically involved in the  facts  and  although  the  case  had  a  specific
outcome, the decision is not an authority on Point B. Point  B  is  said  to
pass sub silentio.
12. In Gerard v. Worth of Paris Ltd. (1936) 2 All  ER  905  (CA),  the  only
point argued was on the question of priority of the  claimant’s  debt,  and,
on this argument being heard, the court granted the order. No  consideration
was given to the question whether a garnishee order could properly  be  made
on an account standing in the name of the liquidator. When, therefore,  this
very point was argued in a subsequent case before the  Court  of  Appeal  in
Lancaster Motor Co. (London) Ltd. v. Bremith Ltd. (1941) 1 KB 675  :  (1941)
2 All ER 11 (CA), the Court held itself not bound by its previous  decision.
Sir Wilfrid Greene, M.R., said that he could  not  help  thinking  that  the
point now raised had been deliberately passed sub  silentio  by  counsel  in
order that the point of substance might be decided. He went on to  say  that
the point had to be decided by the earlier court before it  could  make  the
order which it did; nevertheless, since it was  decided  ‘without  argument,
without reference to  the  crucial  words  of  the  rule,  and  without  any
citation of authority’, it was  not  binding  and  would  not  be  followed.
Precedents sub silentio and without argument are of  no  moment.  This  rule
has ever since been followed. One of the chief reasons for the  doctrine  of
precedent is that a matter that has  once  been  fully  argued  and  decided
should not be allowed to be reopened. The weight accorded  to  dicta  varies
with the type of dictum. Mere casual expressions carry  no  weight  at  all.
Not every passing expression of a Judge, however eminent, can be treated  as
an ex cathedra statement, having the weight of authority.”
60. In State of U.P. v. Synthetics and Chemicals Ltd. (1991) 4 SCC 139,  His
Lordship R.M. Sahai, J., in his concurring judgment set out  the  principles
of per incuriam and sub silentio and has held thus: (SCC pp.  162-63,  paras
40-41)
“40. ‘Incuria’ literally means  ‘carelessness’.  In  practice  per  incuriam
appears  to  mean  per  ignoratium.  English  courts  have  developed   this
principle in relaxation of the rule of stare decisis. The ‘quotable in  law’
is avoided and ignored if it is rendered, ‘in ignoratium  of  a  statute  or
other binding authority’. (Young v. Bristol Aeroplane Co. Ltd. 1944  KB  718
: (1944) 2 All ER 293 (CA) Same has been accepted, approved and  adopted  by
this  Court  while  interpreting  Article  141  of  the  Constitution  which
embodies the doctrine of precedents as a matter of law. In  Jaisri  Sahu  v.
Rajdewan Dubey AIR 1962 SC 83 this Court while pointing  out  the  procedure
to be followed  when  conflicting  decisions  are  placed  before  a  Bench,
extracted a passage from Halsbury’s Laws of  England  incorporating  one  of
the exceptions when the decision of an appellate court is not binding.
41. Does this principle extend and apply to a conclusion of law,  which  was
neither raised nor preceded by any consideration. In other  words  can  such
conclusions be considered as declaration of  law?  Here  again  the  English
courts and jurists have carved out an exception to the rule  of  precedents.
It has been explained as rule  of  sub  silentio.  ‘A  decision  passes  sub
silentio, in the technical sense that  has  come  to  be  attached  to  that
phrase, when the particular point of law involved in  the  decision  is  not
perceived by the court or present to its mind.’ (Salmond  on  Jurisprudence,
12th Edn., p. 153). In Lancaster Motor Co. (London)  Ltd.  v.  Bremith  Ltd.
(1941) 1 KB 675 : (1941) 2 All ER 11 (CA) the Court did not  feel  bound  by
earlier  decision  as  it  was  rendered  ‘without  any  argument,   without
reference to the crucial words of the rule and without any citation  of  the
authority’. It was approved by this Court in MCD v.  Gurnam  Kaur  (1989)  1
SCC 101. The Bench held that, ‘precedents sub silentio and without  argument
are of no moment’. The courts thus have taken  recourse  to  this  principle
for relieving from injustice perpetrated by unjust  precedents.  A  decision
which is not express and is not  founded  on  reasons  nor  it  proceeds  on
consideration of issue cannot be deemed to be  a  law  declared  to  have  a
binding  effect  as  is  contemplated  by  Article   141.   Uniformity   and
consistency are core of judicial discipline. But that which escapes  in  the
judgment without any occasion is not ratio decidendi. In B. Shama Rao v.  UT
of Pondicherry AIR 1967 SC 1480 it was observed, ‘it is trite to say that  a
decision is binding not because of its conclusions  but  in  regard  to  its
ratio and the principles, laid down therein’. Any declaration or  conclusion
arrived without application of mind or preceded without  any  reason  cannot
be deemed to be declaration of law or authority of a general nature  binding
as a precedent. Restraint  in  dissenting  or  overruling  is  for  sake  of
stability and uniformity but rigidity beyond reasonable limits  is  inimical
to the growth of law.”
61. In Arnit Das (1) v. State of Bihar (2000) 5 SCC  488  this  Court  held:
(SCC p. 498, para 20)
“20.  A  decision  not  expressed,  not  accompanied  by  reasons  and   not
proceeding on a conscious consideration of an issue cannot be deemed  to  be
a law declared to have a binding effect as is contemplated by  Article  141.
That which has escaped in the judgment is not the ratio decidendi.  This  is
the rule of sub silentio, in the technical sense when a particular point  of
law was not consciously determined. (See  State  of  U.P.  v.  Synthetics  &
Chemicals Ltd. (1991) 4 SCC 139, SCC para 41.)”
62. In Tika Ram v. State of U.P. (2009) 10 SCC 689 it  was  held:  (SCC  pp.
740-41, para 104)
“104. We do not think that the law laid down in these cases would  apply  to
the present situation. In all these cases, it has been basically  held  that
a Supreme Court decision does not become a precedent unless  a  question  is
directly raised and considered therein, so also it does  not  become  a  law
declared unless the question is actually decided  upon.  We  need  not  take
stock  of  all  these  cases  and  we  indeed  have  no  quarrel  with   the
propositions settled therein.”
63. Though the submissions made  by  Shri  Rakesh  Dwivedi  and  Shri  Sunil
Gupta, learned Senior Counsel seem attractive at the first blush, we are  of
the view, they lack merit. In Assam Small Scale  Industries  (2005)  13  SCC
19, the question of retrospective operation  of  the  Act  or  whether  past
contracts were governed by  the  Act,  was  argued  by  the  learned  Senior
Counsel appearing for the respondent. In the said judgment  this  Court  has
observed: (SCC p. 30, para 19)
“19. … The 1993 Act, it was submitted, being also a beneficent statute,  the
same should be construed liberally. The Act, Mr Chowdhury would argue,  will
thus, have a retrospective effect.”
64. Further, in  Shakti  Tubes  Ltd.  (2009)  7  SCC  673,  this  issue  was
canvassed by the learned counsel, due to which, this Court referred  to  the
precedent in Assam Small Scale Industries (2005) 13 SCC 19. The argument  on
this point has been noted thus: (Shakti Tubes Ltd. case (2009)  7  SCC  673,
SCC pp. 676-77, paras 9-11)
“9. According  to  the  appellant-plaintiff,  the  said  interest  has  been
claimed by the appellant-plaintiff since it  is  entitled  to  so  claim  in
terms of the provisions of the Interest on Delayed Payments to  Small  Scale
and Ancillary Industrial Undertakings Act, 1993 (hereinafter referred to  as
‘the Act’). Mr G.C.  Bharuka,  learned  Senior  Counsel  appearing  for  the
appellant-plaintiff drew our attention to the provisions of the Act  and  to
the decision of this Court  in  Assam  Small  Scale  Industries  Development
Corpn. Ltd. v. J.D. Pharmaceuticals (2005) 13 SCC  19.  In  support  of  his
contention that the transaction in the instant case came to an end with  the
appellant-plaintiff supplying the goods after coming into force of  the  Act
he has taken us through the  relevant  sections  of  the  Act  as  also  the
Statements of Objects  and  Reasons  of  the  Act.  According  to  him,  the
appellant-plaintiff is entitled to be paid in terms  of  the  provisions  of
the Act.
10. Mr Bharuka contended that the earlier supply order which was  issued  on
16-7-1992 came to be materially altered and substituted by  a  fresh  supply
order issued on 18-3-1993 by which date the aforesaid Act had  already  been
enforced and  therefore,  the  appellant-plaintiff  was  entitled  to  claim
interest at a higher rate as envisaged in Sections 4 and 5 of the said Act.
11. Mr Dinesh Dwivedi, learned Senior Counsel appearing for the  respondents
strongly refuted the  aforesaid  submissions  made  by  the  learned  Senior
Counsel appearing for the appellant-plaintiff on the ground that the  supply
order was issued in the instant case on 16-7-1992 and  therefore,  in  terms
of and in line with  the  decision  of  this  Court  in  Assam  Small  Scale
Industries case (supra) the appellant-plaintiff  was  entitled  to  be  paid
interest only at the rate of 9% per annum  and  not  at  a  higher  rate  as
contended by the appellant-plaintiff.”
65. This Court in Shakti Tubes Ltd. (2009) 7 SCC 673 expressly rejected  the
argument of the learned Senior Counsel appearing for the appellant  in  that
case, that the Act should be given retrospective effect  because  it  was  a
beneficial legislation, in paras 24 to 26, which have been  set  out  below:
(SCC pp. 681-83)
“24. Generally, an Act should always be regarded as  prospective  in  nature
unless the legislature has clearly intended the provisions of the  said  Act
to be made applicable with retrospective effect.
‘13. It is a cardinal principle of construction that every statute is  prima
facie prospective unless it is expressly or by  necessary  implication  made
to have a retrospective  operation.  [The  aforesaid]  rule  in  general  is
applicable where the object of the statute is to affect vested rights or  to
impose new burdens or to  impair  existing  obligations.  Unless  there  are
words in the statute sufficient to show the intention of the legislature  to
affect  existing  rights,  it  is  deemed  to   be   prospective   only—nova
constitutio futuris formam imponere debet non praeteritis—a  new  law  ought
to regulate what is to follow, not the past. (See  Principles  of  Statutory
Interpretation by Justice G.P. Singh, 9th Edn., 2004 at p. 438.) It  is  not
necessary that an express provision be made to make a statute  retrospective
and the presumption against retrospectivity may  be  rebutted  by  necessary
implication especially in a case where the  new  law  is  made  to  cure  an
acknowledged evil for the benefit of the community as  a  whole  (ibid.,  p.
440).’ (Zile Singh case (2004) 8 SCC 1, SCC pp. 8-9, para 13)
25.  x x x x x
26.  x x x x x”
66. In Rampur Fertiliser Ltd. (2009) 12 SCC 324 this  Court  again  examined
the entire scheme of the Act before following the dicta  of  this  Court  in
Assam Small Scale Industries (2005) 13 SCC 19.  Even  in  Modern  Industries
(2010) 5 SCC 44 this Court did not differ from the dicta of  this  Court  in
Assam Small Scale Industries (supra)  and Shakti Tubes (2009) 7 SCC 673.”

It has been held in Shakti Tubes (supra) that in Rampur Fertiliser  Ltd.  v.
Vigyan Chemicals Industries (2009) 12 SCC 324, this Court has  examined  the
entire scheme of the Act and has followed the decision in Assam Small  Scale
Industries’ case (supra). In Modern Industries v. Steel Authority  of  India
Ltd. (2010) 5 SCC 44, this Court has also not differed from the  same.  This
Court has also considered the binding value of the precedent on  Co-ordinate
Bench and made elaborate discussion.  Plea for reconsideration  of  decision
in Assam Small Scale Industries Development  Corporation  Ltd.  (supra)  was
also rejected by a Division Bench of this Court in Shakti Tubes (supra).
18.   The Court in Purbanchal Cables (supra) has referred  to  large  number
of decisions and made the  following  discussion  with  respect  to  binding
value of the precedent :

“Binding value of a precedent
67. In Waman Rao v. Union of India (1981)  2  SCC  362,  His  Lordship  Y.V.
Chandrachud, C.J., speaking for the Constitution Bench, held: (SCC  p.  393,
para 40)
“40. It is also true to say that for the application of the  rule  of  stare
decisis, it is not necessary that the earlier decision or decisions of  long
standing  should  have  considered  and  either  accepted  or  rejected  the
particular argument which is advanced in the case on hand. Were it  so,  the
previous decisions could more easily be treated as binding by  applying  the
law of precedent and it will be unnecessary to take resort to the  principle
of stare decisis. It is, therefore, sufficient  for  invoking  the  rule  of
stare decisis that a certain decision was arrived at  on  a  question  which
arose or was argued, no matter on what reason the decision rests or what  is
the basis of the decision. In other words, for the purpose of  applying  the
rule of stare decisis, it is unnecessary to enquire or determine as to  what
was the rationale of the earlier decision which is said to operate as  stare
decisis.”
68. In Union of India v. Raghubir Singh (1989) 2 SCC 754, this  Court  held:
(SCC p. 766, paras 8-9)
“8. Taking note of the hierarchical character  of  the  judicial  system  in
India, it is of paramount importance that the law  declared  by  this  Court
should be certain, clear and consistent. It  is  commonly  known  that  most
decisions of  the  courts  are  of  significance  not  merely  because  they
constitute an adjudication on the rights of  the  parties  and  resolve  the
dispute  between  them,  but  also  because  in  doing  so  they  embody   a
declaration of law operating as a binding  principle  in  future  cases.  In
this  latter  aspect  lies  their  particular  value   in   developing   the
jurisprudence of the law.
9. The doctrine of binding precedent has the merit of promoting a  certainty
and consistency in judicial decisions, and enables  an  organic  development
of the law,  besides  providing  assurance  to  the  individual  as  to  the
consequence  of  transactions  forming  part  of  his  daily  affairs.  And,
therefore, the  need  for  a  clear  and  consistent  enunciation  of  legal
principle in the decisions of a court.”
69. In Krishena Kumar v. Union  of  India  (1990)  4  SCC  207,  this  Court
observed: (SCC p. 233, para 33)
“33. Stare decisis et non quieta movere. To adhere to precedent and  not  to
unsettle things which are settled. But it applies  to  litigated  facts  and
necessarily decided questions. Apart from Article 141  of  the  Constitution
of India, the policy of courts is to stand by precedent and not  to  disturb
settled point. When  court  has  once  laid  down  a  principle  of  law  as
applicable to certain state of facts, it will adhere to that principle,  and
apply it to all future cases where  facts  are  substantially  the  same.  A
deliberate and solemn decision of court made after argument on  question  of
law fairly arising in the case, and necessary to its  determination,  is  an
authority, or binding precedent in the same court, or  in  other  courts  of
equal or lower rank in subsequent cases where the very  point  is  again  in
controversy unless there are occasions when departure is rendered  necessary
to  vindicate  plain,  obvious  principles  of  law  and  remedy   continued
injustice. It should be invariably applied  and  should  not  ordinarily  be
departed from where decision is  of  long  standing  and  rights  have  been
acquired under it, unless considerations of public policy demand it.”
70. In Mishri Lal v. Dhirendra Nath (1999) 4 SCC 11 this  Court  held:  (SCC
p. 18, para 13)
“13. … It is further to be noted that Meharban Singh case (1969) 3  SCC  542
came to be decided as early as 1970 and  has  been  followed  for  the  last
three decades in the State of  Madhya  Pradesh  and  innumerable  number  of
matters have been dealt with on the  basis  thereof  and  in  the  event,  a
different view is expressed today, so far as this  specific  legislation  is
concerned, it would unsettle the situation in the State  of  Madhya  Pradesh
and it is on this score  also  that  reliance  on  the  doctrine  of  ‘stare
decisis’ may be apposite.  While  it  is  true  that  the  doctrine  has  no
statutory sanction and the same is  based  on  a  rule  of  convenience  and
expediency and as also on ‘public policy’ but  in  our  view,  the  doctrine
should and ought always to be strictly adhered to by the courts  of  law  to
subserve the ends of justice.”
71. In Central Board of Dawoodi Bohra  Community  v.  State  of  Maharashtra
(2005) 2 SCC 673, a Constitution Bench of this  Court  held:  (SCC  p.  680,
para 8)
“8. In Raghubir Singh case (1989) 2 SCC 754 Pathak, C.J.  pointed  out  that
in order to promote consistency and certainty in the law laid  down  by  the
superior court the ideal condition would be that  the  entire  court  should
sit in all cases to decide questions of law,  as  is  done  by  the  Supreme
Court of the United States. Yet, His Lordship noticed,  that  having  regard
to the volume of work demanding  the  attention  of  the  Supreme  Court  of
India, it has been found  necessary  as  a  general  rule  of  practice  and
convenience that the court should sit  in  divisions  consisting  of  Judges
whose number may be determined by the exigencies of judicial  need,  by  the
nature of the case including any statutory mandate relating thereto  and  by
such other considerations which the Chief Justice, in  whom  such  authority
devolves by convention, may find most appropriate.  The  Constitution  Bench
reaffirmed the doctrine of  binding  precedents  as  it  has  the  merit  of
promoting certainty and consistency in judicial decisions,  and  enables  an
organic  development  of  the  law,  besides  providing  assurance  to   the
individual as to the consequence of transactions forming part of  his  daily
affairs.”
72. In Shanker Raju v. Union of India (2011) 2 SCC 132 this Court  observed:
(SCC p. 139, para 10)
“10. It is a settled principle of law that a judgment, which  has  held  the
field for a long time, should  not  be  unsettled.  The  doctrine  of  stare
decisis is expressed in the maxim stare decisis et non quieta movere,  which
means ‘to stand by decisions and not to disturb what is settled’. Lord  Coke
aptly described this in his classic English version as ‘those  things  which
have been so often adjudged ought to rest in peace’.  The  underlying  logic
of this doctrine is to  maintain  consistency  and  avoid  uncertainty.  The
guiding philosophy is that a view which has held the field for a  long  time
should  not  be  disturbed  only  because   another   view   is   possible.”
                         (emphasis in original)
73. In Fida Hussain v. Moradabad Development Authority  (2011)  12  SCC  615
this Court held: (SCC p. 622, para 15)
“15. Having carefully considered  the  submissions  of  the  learned  Senior
Counsel Shri Varma, we are of the view  that  the  judgment  in  Gafar  case
(2007) 7 SCC 614 does not require reconsideration by this  Court.  In  Gafar
case (supra) this Court had meticulously examined all the legal  contentions
canvassed by the parties to the lis and had come to the conclusion that  the
High Court has not committed any error which warrants interference.  In  the
present appeals, the challenge is for  the  compensation  assessed  for  the
lands notified and acquired under the same notification  pertaining  to  the
same villages. Therefore, it would not be proper for us to take a  different
view, on the ground that  what  was  considered  by  this  Court  was  on  a
different fact situation. This view of ours is fortified by the judgment  of
this  Court  in  Ballabhadas  Mathurdas  Lakhani  v.  Municipal   Committee,
Malkapur (1970) 2 SCC 267, wherein it was  held  that  a  decision  of  this
Court is binding when the same question is raised again before  this  Court,
and  reconsideration  cannot  be  pleaded  on  the  ground   that   relevant
provisions, etc. were not considered by the Court in the former case.”
74. Judicial discipline demands that a decision of a Division Bench  of  two
Judges should be followed by another Division Bench of two Judges  and  this
has been stated time and again by this Court. In  Raghubir  Singh  (1989)  2
SCC 754, a Constitution Bench of this Court speaking  through  R.S.  Pathak,
C.J. held: (SCC p. 778, para 28)
“28. We are of the opinion that a pronouncement of law by a  Division  Bench
of this Court is binding on a Division  Bench  of  the  same  or  a  smaller
number of Judges, and in order that such decision  be  binding,  it  is  not
necessary that it should be a decision rendered  by  the  Full  Court  or  a
Constitution Bench of the Court.”
75. In Union of India v. Paras Laminates (P) Ltd.  (1990)  4  SCC  453  this
Court has observed: (SCC pp. 457-58, para 9)
“9. It is true that a Bench of two members must not  lightly  disregard  the
decision of another Bench of the same Tribunal  on  an  identical  question.
This is particularly true when the earlier decision is rendered by a  larger
Bench. The rationale of this rule is the need for continuity, certainty  and
predictability  in  the  administration  of  justice.  Persons  affected  by
decisions of  Tribunals  or  courts  have  a  right  to  expect  that  those
exercising judicial functions will  follow  the  reason  or  ground  of  the
judicial decision in the earlier cases on identical matters.  Classification
of particular goods  adopted  in  earlier  decisions  must  not  be  lightly
disregarded  in  subsequent  decisions,  lest  such  judicial  inconsistency
should shake public confidence in the administration of justice.”
76. Shri Vijay Hansaria, learned Senior Counsel contends  that  a  case  for
referring the matter to a larger Bench though  is  pleaded  by  the  learned
Senior Counsel, Shri Rakesh Dwivedi, this Court ought to test  the  same  by
the parameters laid down  by  this  Court  in  CIT  v.  Saheli  Leasing  and
Industries Ltd. (2010) 6 SCC 384 to find out whether the matter deserves  to
be referred to a larger Bench.
77. In Saheli Leasing (supra), this Court held: (SCC p. 393, para 29)
“29. (x) In order to enable the court to refer any case to  a  larger  Bench
for reconsideration, it is necessary to point out that particular  provision
of law having a bearing over the issue involved was not  taken  note  of  or
there is an error  apparent  on  its  face  or  that  a  particular  earlier
decision was not noticed,  which  has  a  direct  bearing  or  has  taken  a
contrary view.”
78. The Constitution Bench of this Court in Keshav Mills Co.  Ltd.  v.  CIT,
AIR 1965 SC 1636 crystallised the position with regard  to  what  the  Court
should do when a plea for consideration of an earlier judgment is  made.  It
was held: (AIR p. 1644, para 23)
“23. … When it is urged that the view already taken by this Court should  be
reviewed and revised it may not necessarily be an adequate reason  for  such
review and revision to hold that though the earlier  view  is  a  reasonably
possible view, the alternative view  which  is  pressed  on  the  subsequent
occasion  is  more  reasonable.  In  reviewing  and  revising  its   earlier
decision, this Court should ask itself  whether  in  the  interests  of  the
public good or for any other valid and compulsive reasons, it  is  necessary
that the earlier  decision  should  be  revised.  When  this  Court  decides
questions of law, its decisions are,  under  Article  141,  binding  on  all
courts within the territory of India,  and  so,  it  must  be  the  constant
endeavour and concern of this Court to introduce and maintain an element  of
certainty and continuity in  the  interpretation  of  law  in  the  country.
Frequent exercise  by  this  Court  of  its  power  to  review  its  earlier
decisions on the ground that the view pressed before  it  later  appears  to
the court  to  be  more  reasonable,  may  incidentally  tend  to  make  law
uncertain and introduce confusion which must be consistently  avoided.  That
is not to say that if on a subsequent occasion, the court is satisfied  that
its earlier decision was clearly erroneous, it should  hesitate  to  correct
the error; but before a  previous  decision  is  pronounced  to  be  plainly
erroneous, the court must be satisfied  with  a  fair  amount  of  unanimity
amongst its members that a revision of the said view is fully justified.  It
is not possible or desirable, and in any case it  would  be  inexpedient  to
lay down any principles which should govern the approach  of  the  court  in
dealing with the question of reviewing and revising its  earlier  decisions.
It would always depend  on  several  relevant  considerations:—What  is  the
nature of the infirmity or error on which a plea for a review  and  revision
of the earlier view is based? On  the  earlier  occasion,  did  some  patent
aspects of the question remain unnoticed, or was the attention of the  court
not drawn to any relevant and  material  statutory  provision,  or  was  any
previous decision of this Court bearing on the point  not  noticed?  Is  the
court hearing such plea fairly unanimous that there is such an error in  the
earlier view? What  would  be  the  impact  of  the  error  on  the  general
administration of law or on public  good?  Has  the  earlier  decision  been
followed on subsequent occasions  either  by  this  Court  or  by  the  High
Courts? And, would the reversal of  the  earlier  decision  lead  to  public
inconvenience,   hardship   or   mischief?   These   and   other    relevant
considerations must be carefully  borne  in  mind  whenever  this  Court  is
called upon to exercise its jurisdiction to review and  revise  its  earlier
decisions.”
79. We are in full agreement with the view expressed in  Keshav  Mills  case
(1965) 2 SCR 908. The learned Senior Counsel Shri  Rakesh  Dwivedi  has  not
been able to make out a case for reconsideration of  the  decision  of  this
Court in Assam Small Scale Industries (2005) 13 SCC 19. In fact, a plea  for
reconsideration of the same was rejected by a Division Bench of  this  Court
in Shakti Tubes (2009) 7 SCC 673. We are unable to agree with  the  argument
of Shri Dwivedi and Shri Gupta that the  provisions  of  the  Act  were  not
considered in its entirety. In fact, the entire scheme of the Act  has  been
considered in Rampur Fertiliser (2009) 12 SCC 324  and  specific  answer  to
the issue under consideration was answered.”

It is apparent from aforesaid discussion that the decision of a  Co-ordinate
Bench is binding and there has  to  be  consistency  and  settled  principle
should not be unsettled as laid down in Raghubir  Singh  (supra)  and  other
decisions referred to above. Judicial discipline demands that a decision  of
the Division Bench of this Court should be followed by another Bench of  two
Judges.

19.   In Modern Industries (supra), a Division Bench of this Court has  also
held that the Act of 1993 is prospective in  operation  is  settled  by  two
decisions of this Court in Assam Small Scale Industries’  case  (supra)  and
Shakti Tubes (supra).  This  Court  has  observed  that  since  the  earlier
contract got altered from time to time, it was last  altered  on  29.4.1995.
By that time Act of 1993 had already come into  force.  Hence  the  date  of
alteration in the agreement was held to be material  for  the  applicability
of the provisions of the Act. In Rampur Fertiliser Ltd. (supra), a  Division
Bench of this Court has held that the provisions of  the  Act  of  1993  are
prospective. The Court considered various provisions contained  in  sections
1, 3, 4, 5 and 10 of the Act. This Court  followed  the  decision  in  Assam
Small Scale Industries’ case and has laid down thus :

“14. It was held in Assam Small Scale  Industries  Development  Corpn.  Ltd.
(1987) 3 SCC 80 that the provisions of the  Act  are  applicable  only  with
prospective effect. Paras 37 and 38 of the said case  which  deal  with  the
scope of the applicability of the Act are reproduced  hereunder  :  (SCC  p.
36)
“37.  x x x x x
  38.   x x x x x ”
In view of the ratio of the aforesaid decision  the  scope  of  the  present
appeal is very limited for it is already laid down by this  Court  that  the
Act, namely, the Interest on Delayed Payments to Small Scale  and  Ancillary
Industrial  Undertakings  Act,  1993  came  into  effect   from   23-9-1992.
Therefore, the said Act would have no application and  would  not  apply  to
transactions which took place prior to the aforesaid date. In  the  case  in
hand the transaction which was the subject-matter of  the  suit  took  place
prior to 23-9-1992. This position is clear for the suit itself was filed  on
31-10-1991 and therefore cause of action for  filing  the  suit  has  to  be
prior in point of time.”

20.   In view of the aforesaid catena of decisions of this Court, it has  to
be held that the  Act  of  1993  cannot  be  said  to  be  retrospective  in
operation or having retroactive  operation.  The  question  stands  answered
affirmatively beyond pale of doubt and the decisions are binding  on  a  Co-
ordinate Bench. It cannot be said that the decisions  are  sub  silentio  or
per incuriam in any manner whatsoever and, in my opinion, it is not open  to
the Co-ordinate Bench to take a different opinion.  There  is  no  confusion
with respect to meaning of transaction, supply order  and  agreement.   This
Court while deciding aforesaid  cases  was  not  in  oblivion  of  aims  and
objects of beneficial legislation, considered same and it has  affirmatively
pronounced on all the aspects.  Hence, I find  no  scope  to  dwell  further
into the same arena to declare the various judgments to  be   sub  silentio,
per incuriam  or not laying down the law correctly.
21.   Even otherwise, on merits, in my opinion, considering  the  scheme  of
the  Act,  various  provisions  of  the  Act  it  cannot  be  said  to  have
retrospective operation or retroactive operation and where  a  supply  order
has been placed before the date of commencement of the Act, that  is  before
23.9.1992, the  beneficial provisions of the Act regarding  higher  interest
would not be applicable.

22.   In the case of  appellant  M/s.  Shanti  Conductors  (P)  Ltd.  itself
decided along with Purbanchal Cables (supra) aforesaid  findings  have  been
recorded by this Court while remanding  the  case  to  the  High  Court  for
decision on merits as an appeal arising of same lis was pending  before  the
High Court and  the  High  Court  has  rightly  followed  the  decisions  in
Purbanchal Cables &  Conductors  (supra)  decided  along  with  M/s.  Shanti
Conductors (P) Ltd. The finding recorded by this Court in the  remand  order
is final and binding on the appellant- M/s. Shanti Conductors (P) Ltd.  They
cannot question the same again in the instant appeals.

23.   In view of the aforesaid discussion, the appeals  have  no  merit  and
the same deserve dismissal and are hereby dismissed. No costs.



New Delhi;                                                    ……………………………J.
August  31, 2016.                                          (Arun Mishra)



ITEM NO.1B-For JUDGMENT       COURT NO.8           SECTION XIV

               S U P R E M E  C O U R T  O F  I N D I A
                       RECORD OF PROCEEDINGS

C.A. Nos.8442-8443/2016 @  Petition(s)  for  Special  Leave  to  Appeal  (C)
No(s).  9924-9925/2013

M/S SHANTI CONDUCTORS(P) LTD. & ANR.              Petitioner(s)

                                VERSUS

ASSAM STATE ELECTRICITY BOARD & ORS.           Respondent(s)

WITH
C.A. No.8445/2016 @ SLP(C) No. 15274/2013

C.A. No.8448/2016 @ SLP(C) No. 9898/2014

C.A. No.8450/2016 @ SLP(C) No. 538/2016

Date :  31/08/2016  These  matters  were  called  on  for  pronouncement  of
JUDGMENTS today.

For Petitioner(s)
                     Mr. Devashish Bharuka,Adv.

                     Ms. Sneha Kalita,Adv.

For Respondent(s)
                     Ms. Sneha Kalita,Adv.

                     Mr. P. I. Jose,Adv.

      Hon'ble Mr. Justice  V.Gopala  Gowda  and  Hon'ble  Mr.  Justice  Arun
Mishra pronounced separate judgments of the Bench  comprising   Hon'ble  Mr.
Justice V. Gopala Gowda and Hon'ble Mr. Justice Arun Mishra.
      Leave granted.

      Since there is  divergent  opinion  judgments  in  these  appeals  and
disagreement on all the questions formulated, place the appeals  before  the
Hon'ble the Chief Justice for appropriate orders.
      Applications for intervention are kept pending  for  consideration  of
larger Bench.

|(VINOD KUMAR JHA)                      | |(SUMAN JAIN)                          |
|AR-CUM-PS                              | |COURT MASTER                          |

             (Two  Signed  Reportable   judgments    are         placed   on
the   file)

-----------------------
[1]   [2]  (2012) 7 SCC 462
[3]   [4] (1974) 1 SCC 42
[5]   [6]  (2005) 13 SCC 19
[7]   [8]  (2009) 7 SCC 673
[9]   [10]  (2010) 5 SCC 44
[11]  [12]  2011 (100) CLA (Bom.)
[13]  [14]  AIR 1961 SC 307
[15]  [16]  (2009) 4 SCC 219
[17]  [18]  (1990) 1 SCC 193
[19]  [20]  (1970) 1 SCC 613
[21]  [22]  2007 (4) Mh.L.J. 618
[23]  [24]  (1975) 1 SCC 774
[25]  [26]  (2012) 6 SCC 782
[27]  [28] AIR 1954 SC 92
[29]  [30] (2005) 8 SCC 534
[31]  [32]  (1991) 4 SCC 139
[33]  [34]  (2000) 5 SCC 488
[35]  [36] (2004) 8 SCC 1