The Micro, Small and Medium Enterprises Development Act

Liability of buyer to make payment

Date from which and rate at which interest is payable

Recovery of amount due

Reference to Micro and small Enterprises Facilitation Council

Application for setting aside decree, award or order

Establishment of Micro and Small Enterprises Facilitation Council

Composition of Micro and Small Enterprises Facilitation Council

Requirement to specify unpaid amount with interest in the annual statement of accounts

Interest not to be allowed as deduction from income

Overriding effect

Scheme for closure of business of micro, small and medium enterprises


DELAYED PAYMENTS TO MICRO AND SMALL ENTERPRISES


Notwithstanding
anything contained in any law for the time being in force, the Central Government may, with a view to
facilitating closure of business by a micro, small or medium enterprise, not being a company registered
under the Companies Act, 1956 (1 of 1956), notify a Scheme within one year from the date of
commencement of this Act.


LAWGIST

# 25 Scheme for closure of business of micro, small and medium enterprises