Recovery of dues by MSME’s through MSME Samadhan Scheme

Any MSME unit which has supplied goods or render any services to any Company or any other person (buyer of goods or recipient of Services ) and the buyer or recipent is delaying in payment or not making due payment as agreed , can make an application for recovery of dues by MSME under MSME Samadhan Scheme.

Where any Micro or small enterprises supplies any goods or render any services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between him and the supplier. Period of payment between the supplier and the buyer in writing shall not exceed forty five days upon from the day of acceptance

Where the buyer fails to make payment to supplier within forty five days the buyer shall be liable to pay the amount with interest thereon.

Recovery of dues by MSME

Who can apply under for Recovery of dues by MSME:

Any Micro or small enterprises having valid Udyog Aadhar/Udhyam Registration (UAM) can make Application for recorvery of dues from Debtors.

How much Amount MSME unit can claim Recovery of dues by MSME under MSME Samadhan Scheme :

The buyer is liable to pay bill amount and compound interest with the monthly rests to the supplier. Interest is calculated on the amount at the three times of the bank rate notified by RBI.

Filing of Application under MSME Samadhan Scheme

MSME units are required to file Application under Msme Samadhan Portal online with all the supporting documents including Invoices, purchase orders etc.

Examination of Application by MSME department

MSME department will examine application filed by MSME unit and if application is complete in all respact than department will issue directions to the buyer unit for payment of due amount along with interest as per the provisions under the MSMED Act 2006.

Appeal by Appellant :

If the Appellant (not being the supplier) wants to file an appeal, no application for setting aside any decree or award by the state council shall be entertained by any court unless the appellant (not being supplier) has deposited with it, the 75% of the award amount.

Fastlegal Team

Fastlegal is an Online Legal Professional Services Provider Company providing Company Registration, LLP Registration, Nidhi Company Registration, Trademark Registration, GST Registration and Return Filing Services.

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