LawgistThe Micro, Small and Medium Enterprises Development Act
15Liability of buyer to make payment
Where any supplier supplies any goods or renders any services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between him and the supplier in writing or, where there is no agreement in this behalf, before the appointed day:
Provided that in no case the period agreed upon between the supplier and the buyer in writing shall exceed forty-five days from the day of acceptance or the day of deemed acceptance.
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DELAYED PAYMENTS TO MICRO AND SMALL ENTERPRISES
- 15 Liability of buyer to make payment
- 16 Date from which and rate at which interest is payable
- 17 Recovery of amount due
- 18 Reference to Micro and small Enterprises Facilitation Council
- 19 Application for setting aside decree, award or order
- 20 Establishment of Micro and Small Enterprises Facilitation Council
- 21 Composition of Micro and Small Enterprises Facilitation Council
- 22 Requirement to specify unpaid amount with interest in the annual statement of accounts
- 23 Interest not to be allowed as deduction from income
- 24 Overriding effect
- 25 Scheme for closure of business of micro, small and medium enterprises
