thereon as provided
under section 16 .
[
20. From thus a consignment reading of Section 15 to 25 of
MSME Act, it is evident that ... terms of Sections 15 and 16 which are
mandatory provisions of the MSMED Act .
23. As per Section 16 of MSME Act 2016 the payment
wrongly rejected the claim without assigning any reason. He
referred Section 16 of MSME Act 2006 and contended that the
petitioner was entitled to interest ... shall exceed
forty-five days from the day of acceptance. Section 16 of
MSME Act 2006 provides that where any buyer fails to
payment
M/S. Telecommunications Consultants ... vs M/S. Vista Information Systems Private ... on 18 April, 2023
small enterprises. Sections 15 to 25 of the MSME Act form
part of Chapter V. As per Section 15 of the MSME Act,
where ... amount with interest
thereon as provided under Section 16 .
11.5. Section 18 of the MSME Act is relevant for the
present discourse. It deals with
MSME Act as the present arbitration is not under section
18 of that act. It was contended that interest under section 16 can
only ... Furthermore, section 24 of the MSME Act makes it clear that
these provisions would have overriding effect. Section 24 of
the MSME Act reads
Enterprises
Development Act, 2006 (" MSME Act ") - Vast India is a "small
enterprise" for purposes of the MSME Act .
3. MPSC ... mandate under the Arbitration Act .
Arguably, Section 18(5) of the MSME Act and Section 29-A of the
Arbitration Act being read harmoniously could
Enterprises
Development Act, 2006 (" MSME Act ") - Vast India is a "small
enterprise" for purposes of the MSME Act .
3. MPSC ... mandate under the Arbitration Act .
Arguably, Section 18(5) of the MSME Act and Section 29-A of the
Arbitration Act being read harmoniously could
16 of MSME Act ordered the payment of interest
in accordance with the provisions contained therein.
It is appropriate to note that MSME Development Act ... supplier, to the
interest as provided in Section 15 and 16 of the MSME Act.
Learned Arbitrator as already noted, has passed an award
referred to in sub-
section (1) of Section 7 of that Act.
11. Section 31(7) of the 1996 Act provides that in case ... chosen mode in Section 16 . Importantly, it has also been stipulated in
Section 16 of the MSME Act that the compound interest shall be with
rate notified by RBI compounded with monthly rests under Section 16 of the
MSME Act. The claimant / Award-holder, Optimal was directed to submit ... added to the principal sum under section 16 of the MSME Act.
Optimal should hence be allowed to withdraw
