India 
CanadaMSME: DELAYED PAYMENTS
As a Micro, Small, or Medium Enterprise (MSME), cash flow is critical for sustaining and growing your business. However, delayed payments from buyers can severely impact your operations. The MSMED Act, 2006 provides legal protection for MSMEs, ensuring timely payments and allowing claims for interest on overdue amounts.
Legal Benefits for MSMEs
- Interest on Delayed Payments – Claim up to 3 times the RBI bank rate on the overdue amount.
When Can You File a Case?
You can initiate legal action if:
- Payment is delayed beyond 45 days from the invoice date.
- The buyer refuses to pay despite multiple follow-ups.
- You are registered as an MSME under the Udyam portal.
- 6M+
Trust Corporate Genie
- 800 Cr+
Taxes Filed
Trusted By Leading Brands
- Simple 3 Step Process
- Completely Online
- Assisted by MSME: Delayed Payments
Why Should I Use Corporate Genie For MSME: Delayed Payments
Corporate Genie has a team of registration experts who can provide complete guidance to register your MSME: Delayed Payments!
Fix an Appointment
Just reach out to our expert at corporate genie .
Resolve all Queries
Provide the required documents and get your queries resolved without any delay.
Complete Guidance
Your expert crafted Conversion of MSME: Delayed Payments application will be ready for filling before you know it!
Our Process
From assessment and legal notice to MSME Samadhan filing, mediation, and legal action, we ensure swift and effective payment recovery. The Process of MSME Recovery of Delayed Payment is as follows:-
Why Choose Our Services?
MSME: DELAYED PAYMENTS
FAQs
Any MSME registered under the Udyam portal can file a complaint if the buyer fails to make payment within 45 days.
You can file a complaint through the MSME Samadhan Portal, which forwards the case to the Micro & Small Enterprises Facilitation Council (MSEFC) for resolution.
If the buyer fails to make payment of the amount to the supplier, he shall be liable to pay compound interest with monthly rests to the supplier on the amount from the appointed day or, on the date agreed on, at three times of the Bank Rate notified by Reserve Bank.
The MSEFC can initiate arbitration or legal action, and in severe cases, the defaulter may face penalties or restrictions.
Resolution timelines vary, but cases filed under the MSME Act are given priority for faster processing.
Customer Testimonial
Our Bankers
Previous
Next