Micro, Small and Medium Enterprises (MSMEs) are vital for the economic growth and development of India. They contribute significantly to the GDP, employment, exports and innovation of the country. However, one of the major challenges faced by MSMEs is the delay or non-payment of their dues by their buyers, which affects their cash flow, working capital and profitability.
To address this issue, the MSME Development Act, 2006 (the Act) provides a legal framework for the protection and promotion…
