The MSME Act, 2006 provides essential provisions for payment recovery to safeguard small businesses. Under this act, if a buyer delays payment to an MSME beyond 45 days, the buyer is liable to pay compound interest with monthly rests at three times the bank rate notified by the Reserve Bank of India. This provision helps protect small businesses from unfair payment delays. The MSME un... https://legalman.in/payment-recovery-under-msme-act-2006/