"Interest on Delayed payments to small scale and Ancillary Industrial Undertakings Act 1993 (Act o12 of 1993) "
This Legislation has already been repealed and substituted by the MICRO SMALL AND MEDIUM ENTERPRISE DEVELOPMENT (MSMED) ACT,2006.
Chapter V of MSMED ACT,20006 talks about interest in delay of payment to small enterprise. As per Section 18(3) of the said act The Facilitation Council can itself act as an Arbitrator or refer the matter to any institution, only in case of failure of the Conciliator.
The legislation provides the scope only in case of delay in payment to Small Scale Enterprise.
And As per Principal v. Manibhai case, Para 44,45 and 46, it was clearly stated that MSMED Act 2006 being a special law will have over-riding effect upon any other legislation.Even,Sectiuon 24 of MSMED Act,2006 talks about the overridiing effect of the said legislation.
Also refer to Welspun Corp. Ltd. v. The Micro and Small, Medium Enterprises Facilitation Council, Punjab and others (2012)166PLR195, MANU/PH/3690/2011