The Biggest hurdle in any business is the due payment. It is said that if the businessman gets the payment on time, he can do wonders. Now, the question remains that how a business man, entrepreneur can recover its due payment. That too also without going to Court in speedy manner and without paying heavy fees to Lawyer.
Don’t worry, the professionals of Aapkaconsultant.com are here to help you in fighting your recovery case through MSME Samadhan Portal. The State of Telangana has setup one MSME Council .Through this the businessman of the State of Telangana can recover their due payment against the creditor residing in the country.
The article covers following issues:-
1. How to recover due payment in the State of Telangana
2. Which documents are required for MSME Samadhan Portal Telangana
3. How to file case in MSME Samadhan Portal Telangana
4. How much time taken by MSME Samadhan Portal Telangana
5. Applications & Cases status of Micro and Small Units (MSEs) pending in MSME Samadhan Portal Telangana
Micro, Small and Medium Enterprises Development (MSMED) Act was enacted in the year 2006. This was for the benefit and promotion of small business in India. MSME Samadhan portal or MSME delayed payment portal is exclusively launched to empower and strengthen MSME sector for recovery of their unpaid dues against goods and services supplied by them.
Through MSME Samadhan Portal MSMED registered entrepreneurs across the country can directly register their cases relating to recovery of delayed payments. They can also track and recover them.
Related Provisions under MSMED Act, 2006
Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 contains provisions to deal with cases of delayed payment to Micro and Small Enterprises (MSEs). As per the provisions, the buyer is liable to pay compound interest with monthly rests to the supplier on the amount at three times of the bank rate. The same is notified by Reserve Bank in case he does not make payment to the supplier for the supplies of goods or services within 45 days of the day of acceptance of the goods/service or the deemed day of acceptance.
Who can Apply
Any Micro or small enterprise having valid Udyog Aadhar (UAM) can apply.
Nature of Assistance
The buyer is liable to pay compound interest with the monthly rests to the supplier on the amount at the three times of the bank rate notified by RBI. This happens in case if he does not make payment to the supplier for his supplies of goods or services within 45 days of the acceptance of the goods/service rendered.
Salient Features of the Portal
- Filing the application online: Entrepreneurs / MSE can now file claims online for delayed payments using the MSME Samadhan portal. In order to do so, a user must have an Udyog Aadhaar Number validated with Aadhaar.
- Check status: Entrepreneurs/MSE can by means of the portal check the status of the filed online applications for delayed payments.
- Pending payments dashboard: The Portal will give information about the pending amount of MSEs with individual CPSEs/Central Ministries, State Governments, etc. The CEO of PSEs and the Secretary of the concerned Ministries will monitor the cases of delayed payment. Also they will issue necessary instructions to resolve such issues
Functioning of the Portal
The provisions under the Act are implemented by MSEFC chaired by Director of Industries of the State /UT having administrative control of the MSE units. State Government/UTs are requested to ensure that the MSE Facilitation Council hold meetings regularly. The delayed payment cases are decided by the Councils within a period of 90 days as stipulated in the MSMED Act, 2006.
The MSME sector is the biggest contributor in boosting the economy of the Country. There are instances where registered MSME did not get their due payment on time against the goods and services sold by them. Also, these instances ultimately blocks the economic cycle and credit chain. Therefore, MSME Samadhan Portal is created to recover the unpaid dues to MSME with interest and in a time bound manner.
If you are a registered MSME and you want to recover your dues, then click on the following link. Professionals of AapkaConsultant will help you to recover your dues.
Also, if you want to register your business under MSME, kindly click on the following link- https://www.aapkaconsultant.com/sole-proprietorship.