Writ Petition Against An Award Passed By A Facilitation Council Under MSMED Act Not Maintainable: Supreme Court

The Supreme Court recently held that a writ petition against an award passed by a Facilitation Council under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 would not be maintainable. The bench comprising CJI DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra held that the correct remedy against an award under the Act was provided under Section 34 of the Arbitration and Conciliation Act 1996 and approaching a High Court instead of pursuing the said remedy...

MSMED Act 'Dues' Will Not Prevail Over SARFAESI Proceedings : Supreme Court

The Supreme Court observed that the dues under Micro, Small and Medium Enterprises Development Act, 2006 would not prevail over the SARFAESI Act.In this case, the Madhya Pradehs High Court held that MSMED Act will prevail over Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. According to the High Court, in view of Section 24 of the MSMED Act which provides that the provisions of Sections 15 to 23 of the MSMED Act would have overriding effect...

Party Who Was Not 'Supplier' On The Date Of Entering Into Contract Cannot Seek Any Benefit As Supplier Under MSMED Act : Supreme Court

The Supreme Court observed that a party who was not 'supplier' on the date of entering into contract cannot seek any benefit as the 'supplier' under the MSMED Act, 2006If any registration is obtained subsequently the same would have an effect prospectively and would apply to the supply of goods and rendering services subsequent to the registration, the bench of CJI UU Lalit and Justice Bela M. Trivedi observed.The bench was considering a batch of appeals which raised issues regarding interplay...

[Breaking] Compound Interest During Moratorium Period Can Be Waived For MSME & Personal Loans Up to Rs. 2 Crore: Centre Tells SC [Read Affidavit]

The Central Government on Friday informed the Supreme Court of its decision to waive compound interest during the six-month moratorium period, for MSME loans and personal loans up to Rs. 2 crore. The Union of India submitted that is has decided to continue the "tradition of handholding the small borrowers" and therefore, it has waived interest for the said period for the most "vulnerable category of borrowers" viz.: MSME loans up to Rs. 2 croreEducation loans up to Rs. 2 croreHousing...