Where any buyer fails to make payment of the amount to the supplier, as required under section 15, the buyer shall, notwithstanding anything contained in any agreement between the buyer and the supplier or in any law for the time being in force, be liable to pay compound interest with monthly rests to the supplier on that amount from the appointed day or, as the case may be, from the date immediately following the date agreed upon, at three times of the bank rate notified by the Reserve Bank.
Section 16: Date from which and rate at which interest is payable.
The Micro, Small and Medium Enterprises Development Act, 2006Central Act · Act 27 of 2006
Where this provision sits
| Act | The Micro, Small and Medium Enterprises Development Act, 2006 |
|---|---|
| Section | 16 |
| Marginal note | Date from which and rate at which interest is payable. |
| Jurisdiction | Central |
| Status | In force as published by the source |
Find the provision, not just read it
The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:
- Search 49,000+ Central and State enactments by what a provision says, not by its number
- Jump from any section to every judgment that has applied it
- Search 300 million+ Indian court records alongside the statute
- Ask a research agent to find and read the case law on a provision for you
Free account. No card. About a minute to create.
Create a free accountNeed this as data, not as a page? The Micro, Small and Medium Enterprises Development Act, 2006 is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.