Why filing of claim before MSME Facilitation Council is beneficial ?

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 CourtMSME 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 timeQuickly decided
Execution takes timeIts quick
Normally be filed within jurisdiction where defendant resides or works for gainIt is filed where claimant is situated
No summary procedureSummary procedure (so don’t take much time)
No interest rate fixedInterest rate fixed by Law
Simple InterestCompounding interest