Date:June 1, 2022
Why filing of claim before the MSME Facilitation Council is beneficial?
For delayed payment, the Supplier or service provider can approach the MSME facilitation council.
Filing your claim for the recovery of due or outstanding from your customer, purchaser or client has always been smooth, cost-effective and time-saving. The following table compares the differences
|Money suit in District Court||MSME Facilitation Council|
|Court fee is payable for filing money suit (Ranging from 1 % of claim amount to 7%)||No or minimum fee is payable|
|Normally takes time||Quickly decided|
|Execution takes time||Its quick|
|Normally be filed within jurisdiction where defendant resides or works for gain||It is filed where claimant is situated|
|No summary procedure||Summary procedure (so don’t take much time)|
|No interest rate fixed||Interest rate fixed by Law|
|Simple Interest||Compounding interest|