Author- admin
Date:June 5, 2023
Section 17 of MSME Act – What is Section 17 of MSME Act
MSME Law Notes by NB Associates
Section 17 of MSME Act or MSMED Act deals with and provides for the buyer’s liability to pay interest to the supplier.
The interest amount also comes under the provision of ‘recovery of dues’ against the buyer.
The interest amount is also recoverable due as per section 17 of the MSME Act.
We are the leading Law firm / Lawyers providing comprehensive MSME legal consultancy to our clients. We also help and legally assist our clients in the recovery of dues or outstanding.
Clients may contact us at the given number for any legal consultancy or through email id.
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Section 17 of the MSME Act reads as under:
17. Recovery of the amount due.—For any goods supplied or services rendered by the supplier, the buyer shall be liable to pay the amount with interest thereon as provided under section 16.
Section 17 of the MSME Act starts with the tile or heading ‘Recovery of the amount due’. It further provides that
For any goods supplied or services rendered by the supplier, the buyer shall be liable to pay the amount with interest thereon. Such interest is as per the provisions of section 16.
Section 17 of the MSME Act imposes the liability of the buyer to pay interest as per the provisions of section 16 of the Act and also provides that such interest amount is recoverable.
The above also signifies that such interest alone can also be recoverable. Thus when the amount was made however with delay, the supplier can claim interest on such delayed payment.
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