MSME

The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 provides a proper legal framework for the regulation and smooth functioning of such enterprises. The Act also provides a speedy dispute resolution mechanism between MSME and buyer. Any micro and small enterprise (MSE) which supplies goods or services to any buyer shall be protected under these provision of the MSMED Act, 2006.

Section 15 of the MSMED Act, 2006 places the onus on the buyer to make all payments of good to the MSE supplier within the time period agreed between them. In case there is no mutual agreement in writing then the payment must made within 45 days form the day of actual delivery. The MSE supplier shall also have a right to charge the buyer compound interest for any such delay in payment. As per Section 16 of the MSMED Act, the rate of interest to be charged shall be 3 times the rate as notified by RBI.

We help our Clients with;

• Claim filing before Medium Small Enterprise Facilitation Council
• Udhyam Registration