MSEFC takes up 17 cases of delayed payments

Excelsior Correspondent
JAMMU, Sept 12: Micro Small Enterprises Facilitation Council (MSEFC), Jammu today held hearing of 17 cases of delayed payments in presence of both supplier units and the buyers for discussion and reconciliation.
The hearing was held in respect of claims of interest on delayed payments against supply of goods to buyers by the Micro and Small units, under the chairmanship of Director, Industries & Commerce, Jammu, Dr Ravi Shankar Sharma (Chairman, MSEFC Jammu), in his office chamber at Jawahar Lal Nehru Udyog Bhawan, Jammu and was attended by members/special invitees.
Lali Mahajan, Chairman, Federation of Industries Jammu, DP Singh, GM J&K SICOP, Gowhar Arif, GM, J&KDFC, Nishikant Sharma, Executive Manager, J&K Bank and Manish Gupta, secretary general, Chamber of Commerce and Industries were also present. Besides them, MSEFC secretariat staff including Dr Vikas Gupta, Joint Director Industries, Pawan Goswami, Functional Manager Industries, Amit Sharma AEO and Rajani, Legal Assistant, was also present.
During the hearing, the MSEFC Chairman emphasized 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 co case shall exceed 45 days from the date of acceptance of goods or services. He said that 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 MSEFC Chairman emphasized to reconcile the facts and figures regarding purchase orders, supply orders, outstanding Principal Amount and Interest claimed on delayed payments so that the disputes are amicably resolved.