Date:June 4, 2023
How to get MSME complaint registered ?
MSME Law Notes by NB Associates
In India, there is a framework in place to address delayed payments to Micro, Small, and Medium Enterprises (MSMEs) called the Micro, Small, and Medium Enterprises Development (MSMED) Act, 2006.
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Under the MSMED Act, there are provisions to protect MSMEs from delayed payments by buyers, primarily in the context of supply of goods or services.
The Act defines the time period within which the buyer is required to make the payment to the MSME, which is generally 45 days from the date of acceptance of goods or services.
If the buyer fails to make the payment within this period, it becomes a case of delayed payment.
In case of delayed payments, an MSME can initiate a legal process against the buyer by filing an application with the Micro and Small Enterprises Facilitation Council (MSEFC).
This application or claim can also be filed through MSME Samadhan Portal
The MSEFC has the authority to inquire into the complaint and facilitate the settlement or pass an award for the recovery of the delayed payment along with interest.