Excelsior Correspondent
JAMMU, Feb 12: Micro Small Enterprises Facilitation Council, Jammu held hearing in respect of claims of interest on delayed payments against supply of goods to buyers by the Micro and Small units, chaired by Director Industries and Commerce Jammu, Anoo Malhotra, chairperson MSEFC Jammu.
The hearing was held in the office of Director I&C at Udyog Bhawan and was attended by the members/ special invitees, Lalit Mahajan, Co-Chairman Federation of Industries Jammu, Tariq Ahmad GM(HQ) J&K SICOP, Navneet Kour Manager J&KDFC, Rupali Gupta Senior Executive J&K Bank and Rajesh Gupta senior vice president, Jammu Chamber of Commerce and Industries. The MSEFC Secretariat staff including Trishala Kundal, Joint Director Industries and Pawan Goswami, Functional Manager Industries were also present.
Chairperson of the MSEFC emphasized on various provisions of the MSMED Act under chapter of delayed payments highlighting that the buyer in terms of purchase or availing services has to make payment to the Micro and Small unit supplier or service provider on or before the date agreed upon which in no case shall exceed 45 days from the date of acceptance of goods or services. In case of failure to comply with the timeline, the buyer is liable to pay interest with monthly rests (Compound Interest) at three times, the bank rate notified by RBI on the amount under default.
The Council took up 28 cases of delayed payments for discussion and after deliberations issued award in favour of seven enterprises involving a Principal Outstanding amount of Rs 2,79,66859 with an interest on delayed payment amounting to Rs 111348898. The council decided to proceed for reconciliation in 13 cases and refer 4 cases for arbitration. The council rejected two cases for want of requisite documents.
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