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Showing contexts for: snehadeep structures in The Maharashtra Small Scale Industries vs Snehadeep Structures Pvt. Ltd.23 on 3 May, 2013Matching Fragments
(e) As regards the Act being a beneficial legislation, the Apex Court in the very same dispute, by a decision in the case of Snehadeep Structures Pvt. Limited Vs. Maharashtra Small Scale Industries Development Corporation Limited, reported in (2010) 3 SCC 34 has Final ARBP499-03.sxw held to be so. The Apex Court, held that the Interest Act was a beneficial legislation, intended to expedite timely payments of money owed to small scale industries. While construing the phrases appearing in a statutory enactment, the interpretation that harmonizes the purpose and object of the statute should be adopted, rather than the one which frustrates its object.
"We have received your notice dated 21.12.2001 on behalf of your client M/s Snehadeep Structures Pvt. Ltd., Nagpur, on 27.12.2001. as per the terms of the supply order placed on M/s Snehadeep Structures Pvt. Ltd., any payment due will be released to the Supplier unit on receipt of the same from the consignee. Accordingly, MSSIDC has released payment to M/s Snehadeep Structures Pvt. Ltd.