ARE YOU A MSME & BUYER IS DELAYING THE PAYMENT FOR GOODS/ SERVICES ? HOW TO RECOVER DELAYED MONEY SPEEDILY?

 MSME ACT 2006 Deals with recovery of delayed payment to MSME There are separate tribunals called as "MSME Tribunal" where the judges help MSME's to recover the delayed payment.

Now instead of going for civil recovery suit, MSME can directly approach the tribunal for recovery of delayed payment.
S. 15 MSME ACT- Buyer shall make payment within 45 days from the date of acceptance.
S.16 - Buyer shall be liable to pay compound interest with monthly rests in case of failure to comply with the aforesaid provision. Interest Rate will be 3 times of the bank rate notified by the RBI.
S. 18- MSME may refer the case to Micro and Small Enterprises Facilitation Council/ Mediation/ Arbitration.

The complaint can be made online on www.samadhaan.msme.gov.in whereas the rest of the process will be in physical form once the complaint is accepted by tribunal.
You have to keep work orders/ Invoices/ Bills and other documents ready that may prove your claim e.g. mails, WhatsApp chats etc.

This is the speedy and easiest way for MSME to recover their outstanding money nowadays.

Thanks & Regards
Adv Kanika Bhardwaj
9582000415, New Delhi