Interest on Delayed Payments to Small Scale and Ancillary Industrial Undertakings Act, 1993 Section 5 - Bare Act |
| State | Central Government |
| Year | 1993 |
| Section Title | 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 lime being in force, the buyer shall be liable to pay compound interest (with monthly rests) at the rate mentioned in section 4 on the amount due to the supplier.