tag:blogger.com,1999:blog-6685096796297650696.post4909849030472665521..comments2023-12-23T18:42:30.780+05:30Comments on Practical Academic: Retrospective Operation of the MSMED Act, 2006Badrinath Srinivasanhttp://www.blogger.com/profile/11123853000962107353noreply@blogger.comBlogger15125tag:blogger.com,1999:blog-6685096796297650696.post-50155091928796966602017-11-28T00:31:43.474+05:302017-11-28T00:31:43.474+05:30MSMED Act to have retrospective effect in my view....MSMED Act to have retrospective effect in my view.<br />1.When the Interest on Delayed Payment was passed there was no law in the field regarding liability of buyer to pay compound interest, whereas MSMED Act vide (h) of statement of object made the Interest on Delayed payment Act part of the proposed legislation and then repealed. <br /><br />2. General clause Act 6 will apply since MSMED Act is modification and continuation of Delayed Payment Act, and all powers, privelages,duties and liability accrued or incurred under the 1993 Act will continue, especially in view of saving clause 32(2) of the act.Gammon India vs Special chief Secretary . sc order. Anonymoushttps://www.blogger.com/profile/10547465686818866584noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-1681263069175319222017-09-15T21:48:25.953+05:302017-09-15T21:48:25.953+05:30THE HIGH COURT OF KARNATAKA AT BANGALORE in M/S Cr...THE HIGH COURT OF KARNATAKA AT BANGALORE in M/S Crompton Greaves Ltd. v/s M/S Annapurna Electronics HELD THAT: reference sought and commenced under the Repealed Act (1993 Act)seeking recovery of the amount in the manner provided therein, is an action taken under the Repealed Act. When the person seeking reference there under had answered the definition of 'Supplier' as on the date of commencement of the proceedings under the Repealed Act, such person will be entitled for continuation of the same under the corresponding provisions of the MSMED Act even without complying any additional requirements under the MSMED Act as the compliance of those requirements would be relevant for a proceeding to be commenced for the first time under the MSMED Act.Atul Dhadiwalnoreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-64146467721771754482017-09-07T10:55:49.617+05:302017-09-07T10:55:49.617+05:30Superb Information but let you know that Now under...Superb Information but let you know that Now under the MSME Act 2006 <a href="http://www.myonlineca.in/msme-registration.html" rel="nofollow">MSME Registration</a> is handle by central government and its has been converted into the Udyog aadhar registration.Anonymoushttps://www.blogger.com/profile/07924802772018994260noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-72162746011602523622017-05-03T22:05:36.238+05:302017-05-03T22:05:36.238+05:30Sir,
Order is placed by the buyer in 2005 materia...Sir,<br /><br />Order is placed by the buyer in 2005 material is supplied by july 2005. Though the payment by the buyer was to be made before delivery, he delays it beyond 2006 and.the buyer says contract stands executed with delivery, even though only part of the balance payment is made.<br /><br />Can file application under MSMED act 2006 for recovery of dues with interest ?<br /><br />Narender<br />Narenderhttps://www.blogger.com/profile/14877262321733487513noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-27501930412746182602016-10-08T15:31:32.624+05:302016-10-08T15:31:32.624+05:30Dear Sir,
I want to know from your goodself for th...Dear Sir,<br />I want to know from your goodself for the following matter:-<br />1.The agreement entered in 2011<br />2.Executed work from 2011 to 2013<br />3.MSME Memorandum u/s 8 under MSMED 2006 EM -II issued on 07/2015<br />4.Payment still not paid.<br /><br />Can be file reference u/s 18 & claim interest on delayed payment MSMED Act-2006 ?<br />If opposite party challenge reference u/s 18 what will be the statusAnonymoushttps://www.blogger.com/profile/09974570467534597911noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-2481102174778661532016-10-08T15:28:37.530+05:302016-10-08T15:28:37.530+05:30Dear Sir,
I want to know from your goodself for th...Dear Sir,<br />I want to know from your goodself for the following matter:-<br />1.The agreement entered in 2011<br />2.Executed work from 2011 to 2013<br />3.MSME Memorandum u/s 8 under MSMED 2006 EM -II issued on 07/2015<br />4.Payment still not paid.<br /><br />Can be file reference u/s 18 & claim interest on delayed payment MSMED Act-2006 ?<br />If opposite party challenge reference u/s 18 what will be the statusAnonymoushttps://www.blogger.com/profile/09974570467534597911noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-52253576245950572222016-10-08T15:27:06.747+05:302016-10-08T15:27:06.747+05:30Dear Sir,
I want to know from your goodself for th...Dear Sir,<br />I want to know from your goodself for the following matter:-<br />1.The agreement entered in 2011<br />2.Executed work from 2011 to 2013<br />3.MSME Memorandum u/s 8 under MSMED 2006 EM -II issued on 07/2015<br />4.Payment still not paid.<br /><br />Can be file reference u/s 18 & claim interest on delayed payment MSMED Act-2006 ?<br />If opposite party challenge reference u/s 18 what will be the statusAnonymoushttps://www.blogger.com/profile/09974570467534597911noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-17545905610239881822016-09-14T10:12:48.863+05:302016-09-14T10:12:48.863+05:30Hi,
The law is very clear on the effect of being ...Hi,<br /><br />The law is very clear on the effect of being prospective or retrospective. If the statue is silent on whether it would be prospective or retrospective then in that case its prospective in nature. To have retrospective effect it has to be impliedly mention. Hence in this case 2006 Act is prospective but does not bar charging of interest by a claimant asper the new act of 2006. For ex- a case was filed under the old 1993 act and it went on after the commencement of the new act. In this case the interest shall be charged as per the old act and new rate of interest will be applicable from the date of the commencement of the new act. Section 32 (2) of the new act takes care of situations arising as mentioned above.<br /><br />If a case has been initiated under the old 1993 act and the matter went on to be decided after the new act 2006 came into force then in such cases the SSI unit docent require a EM-2.<br /><br />Saurendra Rautray<br />Rautray & co<br />New Delhi<br />www.rautray.com<br />09437008255saurendrahttps://www.blogger.com/profile/01231607840646252744noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-34947970173431411152015-03-27T20:02:12.368+05:302015-03-27T20:02:12.368+05:30If you are a SSI having permanent registration at ...If you are a SSI having permanent registration at the time of supply you can fit in to provisio of sec.8(1) and you need not file em part II to claim interest as per sec 16 of MSMED ACT. You need to qualify as "supplier" directly or indirectly to claim statutory interest. <br /><br />In true parliamentary spirit of MSMED Act you can claim interest.The regulatory mechanism to issue SSI certificate is done away and parliament intenteds that more units are covered by 2006 act. HOWEVER literal & legal interpretation may become a hurdle.Anonymoushttps://www.blogger.com/profile/10384601875092441144noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-37197103093160956902015-02-25T18:38:39.430+05:302015-02-25T18:38:39.430+05:30Dear Author,
I just wanted to ask you that what if...Dear Author,<br />I just wanted to ask you that what if the Contract is entered in year November 2007 and the supplies/services are completed by November 2008. The Micro/Small Enterprise file Memorandum u/s 8 of MSMED act 2006 in January 2009. Whether the Micro/Small Enterprise would be entitled for Compounded Interest as per MSMED act 2006 and whether he can file referance u/s- 18 after February 2009?<br />K S PatelK S Patelnoreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-29545572952195455472014-10-18T23:43:18.317+05:302014-10-18T23:43:18.317+05:30Dear Author,
I respectfully disagree with your be...Dear Author,<br /><br />I respectfully disagree with your below paragraph copied because: <br /><br />a) The provisions are penal in nature. <br />b) right to higher rate of interest is accrued to the supplier under 1993 Act.<br />c) Due to Sec.32 deeming fiction, in which "any thing done" covers supplies. <br />d) A party do not have right to choose the law. <br /><br /> <br />A prima facie of the above provisions seem to indicate that from 02.10.2006, a new right accrues to the supplier- the right to interest at the rate under Section 16. Accordingly, the argument would be that till 01.10.2006, the rate of interest shall be as per contract and in the absence of any provision in the contract, as per the Interest Act, 1978, the Code of Civil Procedure, 1908 and the Arbitration and Conciliation Act, 1996. However, from 02.10.2006, an irreducible right to interest as per Section 16 is applicable. A hyothetical example. Big Enterpise enters issues a purchase order in favour of Small Enterpise on 01.09.2006. Small Enterpise delivers the goods on 10.09.2006. As per the purchase order, payment is to be made on or before 15.09.2006. Big Enterprise does not make any payment. It could be argued that Big Enterprise would be liable for interest under the 1993 Act from 15.09.2006 till 01.10.2006 at the rate specified therein (1.5 times SBI PLR) and with effect from 02.10.2006 at the rate specified in the 2006 Act (three times the Bank Rate as notified by RBI).Anonymoushttps://www.blogger.com/profile/10384601875092441144noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-9543062738983269032013-06-15T14:19:26.116+05:302013-06-15T14:19:26.116+05:30The 2010 Supreme Court decision in Modern Industri...The 2010 Supreme Court decision in Modern Industries does not deal with the specific issue as to the retrospective applicability of the 2006 Act. Badrinath Srinivasanhttps://www.blogger.com/profile/11123853000962107353noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-46052900208497556502013-06-12T19:30:01.806+05:302013-06-12T19:30:01.806+05:30Dear Author,
Nice compilation as on the date of p...Dear Author,<br /><br />Nice compilation as on the date of post but please revise and update for convinience of viewers taking into consideration the Supreme Court Judgement in Modern Industries .<br /><br />ThanksUnknownhttps://www.blogger.com/profile/04470521984407494100noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-85617931096831692092013-06-12T19:27:43.172+05:302013-06-12T19:27:43.172+05:30Dear Author,
A nice informative compilation but t...Dear Author,<br /><br />A nice informative compilation but the same is incomplete. You may write a further post after the Supreme Court judgement in Modern Industries ??<br /><br />D Chaudhry<br /><br />Unknownhttps://www.blogger.com/profile/04470521984407494100noreply@blogger.comtag:blogger.com,1999:blog-6685096796297650696.post-77061302633317318562012-11-11T20:28:26.547+05:302012-11-11T20:28:26.547+05:30
Dear Author,
A very nice analytic compilation.
...<br />Dear Author,<br /><br />A very nice analytic compilation.<br /><br />I request you to include saving and retrospective implication of pending actions under the Section 32 of MSMED act. SRINIVAShttp://www.qualtech.innoreply@blogger.com