The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, takes clues from its predecessor law on the subject, i.e., Interest on Delayed Payments Act, 1993, a comparative overview of both these laws has been provided by the Madras High Court in Eden Exports, case, this book is replete with a comprehensive comparative overview of both these laws. MSMED Act, stands as a landmark piece of legislation, representing the first comprehensive legal framework dedicated to the recognition and holistic development of enterprises engaged in both manufacturing and the provision of services. This Book contains the latest government revisions and updations, reflecting the evolving economic realities.
The present book under review aims to be a vital tool that, offers is insights into the remedy of choice for MSMEs facing financial distress, particularly in navigating the interplay between the MSMED Act, the Insolvency and Bankruptcy Code (IBC), and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. The book treatise will further serve as a practical guide by meticulously analyzing the relevant legislation, the body of judicial pronouncements, and the broader regulatory framework. It offers much-needed clarity and practical guidance to MSME owners, legal practitioners advising them, and policymakers involved in shaping the sector’s future. Such a treatise can provide in-depth insights into the legal rights and obligations of MSMEs across various aspects of their operations, highlight best practices for ensuring legal compliance, and offer effective strategies for resolving disputes.
The book deals with more than 400 case laws on the subject (including more than 50 judgments by the Hon’ble Supreme Court). These judgments serve as crucial clarification and interpretations on a wide array of issues that arise in the context of MSME law and practice. This treatise is an attempt to provide clarity and consistency, in an environment of confusion and haziness, de-hazing and de-fogging the gray areas of law and resolving the contentious issues, as clarified by the Supreme Court and various High Courts, much clarity on the rules of interpretation, as applicable to beneficial legislation such as MSMEs has been brought about by Vivek Narayan Sharma (popularly known as the demonetization cases), also setting the limits of judicial review.
The book distinguishes itself by delving into the interaction between the MSMED Act and various other incidental laws, providing a holistic understanding of the legal ecosystem affecting MSMEs. It contains an extensive collection of case laws, including selected texts of landmark judgments, offering reader direct access to pivotal judicial interpretations. Furthermore, it compiles the State-specific rules and formats related to the Micro and Small Enterprises Facilitation Councils (MSMEFCs), providing practical guidance for dispute resolution at the State level.
The book also features a detailed tabular representation comparing the MSMED Act with its pari material law, the Interest on Delayed Payments to Small and Ancillary Industrial Undertakings. Act, 1993, highlighting the evolution and nuances of the legal framework addressing payments delays. Additionally, it cover recent Supreme Court cases concerning the Interest on Delayed Payments Act, ensuring readers are abreast of the latest legal developments in this critical area. Finally, the treatise clearly delineates the scope and applicability of the MSMED Act, providing a foundational understanding of who and what falls under its purview. Considering the substantial annual expenditure incurred by Indian MSMEs on addressing legal issues, this comprehensive book can serve as a valuable tool in enhancing their understanding of the legal landscape and potentially mitigating these costs through proactive legal awareness and informed decision-making.
Authors : Rao Garvit Singh, Ravi Bhushan Wadhwa
Publisher : Bharat Law Publications, Opp. Golcha Cinema, Chaura Rasta, Jaipur-302003
Price : Rs. 2495/-
ISBN : 978-93-49098-06-0
Website : bharatlawhouse.in
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