Piyush is the founding Partner of Delhi based law firm named PSP LEGAL. Presently, Piyush and PSP Le... Read More
Legal Action For Delay In Invoice Payment
This is with regards to one of my long-standing invoices which is more than 150 days. The invoice is a GST Invoice and is pending for more than 150 days. There have been payment reminders sent on mail. I even once received the mail stating the payment would be made in December 2019. I am registered under MSME and the Invoice I have raised the invoice for a PVT. LTD. company. At this moment they are giving COVID 19 as one of the reasons for payment delay, but the payment was supposed to be done before the outbreak. Please let me know if any legal step can be taken against them for the payment of the Invoice.
- Sector-1, Noida
The Micro, Small and Medium Enterprises Development Act, 2006, made provisions to mitigate the problem of delayed payment, whereby any buyer who fails to make payment to MSMEs, as per agreed terms or a maximum of 45 days, would be liable to pay monthly compounded interest at three times the bank rate notified by RBI.
Answered on 31 Mar 2020
1/1 people found this helpful
Didn't find the answer you are looking for?
Talk to experienced lawyer online and get your answered in minutes.