SC Rejected Capital Subsidy Claim Due to Prior Exhaustion of Incentive Limits

IFGL Refractories Ltd. Vs Orissa State Financial Corporation & Ors. (Supreme Court of India) MM Plant Qualifies as a New Industrial Unit: Subsidy Once Sanctioned Cannot Be Denied on Subsequent Executive Instructions or Prior Policy Limits The Supreme Court held that the MM Plant unit set up by Indo Flogates qualified as a “new industrial unit” under the Industrial Policy of 1989, as its fixed capital investment was made after the effective date (01.12.1989) and it satisfied the statutory definitions under the policy. The Court emphasised that a new industrial unit is distinct from exp...