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Advice about payment recovery through MSMED act 2006
03-Sep-2023 (In Recovery Law)
1. Under MSMED act 2006 how old invoices can be submitted for payment. Our company has balance payments with some builders and other limited companies under running account some of such accounts are in operation since 2007. 2. Can we close the recovery payment cases and use this MSMED act 2006 medium for our balance payment recovery under this? 3. There is an arbitration clause in case of a builder company which has to be appointed by the company. We have requested this company through e-mail but it is not responding. What should be done to get the arbitrator appointed. Matter is more than 50 lakhs
That the MSME Act, 2006 is a special central enactment that provided for a mechanism realization of amount for goods supplied by a seller to a buyer as defined under the Act, were both were industries to which the provisions of the Act, 2006 applied.
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Adv. Ujjwal Jain
Delhi | 200+ Answers
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In my opinion MSME act is pathetic act as the award passed is only an arbitral award which can be challenged under arbitration and conciliation act before this Civil Court of local jurisdiction.
And even the parties do not challenge it it is to be executed by Court of Civil Court therefore I personally believe that there is no benefit of approaching the court under m s m e.
Rather you go for National Company Law Tribunal it is easy effective and fast remedies available to you.
The general mattis I decided in nclt within 3 months and most of the cases money are recovered early.
And even the parties do not challenge it it is to be executed by Court of Civil Court therefore I personally believe that there is no benefit of approaching the court under m s m e.
Rather you go for National Company Law Tribunal it is easy effective and fast remedies available to you.
The general mattis I decided in nclt within 3 months and most of the cases money are recovered early.
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Adv. Atul Kumar Singh
Delhi | 25+ Answers
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You can initiate the proceedings under the MSMED act 2006. There is no limitation to initiate proceedings under this act. You should make a reference under section 18 of the said act, where conciliation proceedings will be initiated by the MSMED board.
Further, the arbitration clause in the agreement with the bulider will not act as barrier to initiate proceedings under the said act.
Further, the arbitration clause in the agreement with the bulider will not act as barrier to initiate proceedings under the said act.
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Adv. Shreshth Jain
Delhi | 100+ Answers
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Hello. Please file a Section 11
(arbitration act) application after which the court will see if there is an arbitration agreement and will appoint an arbitrator. This will also be helpful to you insofar as the court will appoint an arbitrator and not the company itself. With respect to the issue of invoices, that is a matter of assesment of limitation period which typically is three years.
(arbitration act) application after which the court will see if there is an arbitration agreement and will appoint an arbitrator. This will also be helpful to you insofar as the court will appoint an arbitrator and not the company itself. With respect to the issue of invoices, that is a matter of assesment of limitation period which typically is three years.
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Adv. Sarthak Malhotra
Delhi | 25+ Answers
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