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Payment Dues recovery assistance

The problem of delay in payment of bills for supplies made by Small Scale Industries was seriously considered by the Government of India and to protect the seller units in getting payments in time, the Interest on Delayed Payment to Small Scale Industrial Undertakings, Act, 1993 was introduced. As provided under 17(a) of the amendment Act, the State Government constituted Regional Industrial Facilitation Councils in the state.




Protection against delayed payments by buyers of goods / services (Chapter V of the Act) and right to interest for delayed payments and time-bound settlement of payment-related disputes through conciliation and arbitration.

Provisions to Check Delayed Payments

If a micro or small enterprise has filed a memorandum with DIC of its area, then it stands to gain as to timely payment in respect of supply of goods or rendering of services to any buyer.

Provisions related to delayed payments to micro & small enterprises (MSEs) strengthened
Period of payment to MSEs by the buyers reduced to forty five days Rate of interest on outstanding amount increased to three times the prevailing bank rate of Reserve Bank of India compounded on monthly basis
MSE Facilitation Council may utilise the services of any Institution or Centre for conciliation and alternate dispute resolution services
Reference made to the Council to be decided within ninety days from the date of reference
Declaration of payment outstanding to MSE supplier mandatory for buyers in their annual statement of accounts.
Interest (paid or payable to buyer) disallowed to supplier for deduction for income tax purposes
No appeal against order of Facilitation Council to be entertained by any Court without deposit of 75% of the decreed amount payable by buyer
Appellate Court may order payment of a part of the deposit to the supplier MSE
Facilitating Closure of Business
Central Government may (within one year of the commencement of the Act) notify a scheme for facilitating closure of business by a micro, small or medium enterprises
27% delayed payment interst per annum to be collected from defaulter party.
This facility is not available for traders.

Our legal team will assist you with entire process of filing a complaint in MSME against defaulters buyers.

For more details on the scheme, click here.

Mob : +91-9022060498 E-mail : info@legalbabu.com
 
 
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