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ARTICLE · 30 JULY 2021

Settlement Of Wrangles Under The MSMED Act- Verdicts Rendering Relative Quietude To Tempestuous Seas

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Clearly, a catalyst to arbitration under the MSMED Act is a reference of a dispute to the Council, followed by a failure/ termination of conciliation proceeding.

IndiaLitigation, Mediation & Arbitration
Varun Sharma
Varun Sharma
Abhishek Goyal
Abhishek Goyal
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Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act") was legislated, inter alia, with an object to facilitate promotion, development and enhancement of competitiveness of micro, small and medium enterprises. At the time of its enactment, the legislatures were cognizant of the fact that except for the provisions under Sections 11B and 29B of the Industries (Development and Regulation) Act, 1951 and the notification(s) issued, pursuant thereto in relation to small scale industries, there was1, "no legal framework for this dynamic and vibrant sector of the country's economy." Simultaneously, while appreciating the worldwide transition from "industries" to "enterprises" based model of operation; requirement for extension of policy support for small enterprises; absence of any definition for medium industry or enterprise; etc., the law makers felt an imminent need for the enactment of a comprehensive legislation to address these concerns. Accordingly,

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