The District Level Micro and Small Enterprises Facilitation Council (MSEFC) on Friday held an Arbitration proceeding meeting in which 118 cases were enlisted of which 31 cases were disposed of. The 280th proceeding of the meeting was led by Deputy Commissioner Surabhi Malik.
ADC Khanna Amarjit Bains as Nodal Officer, Lead Bank District Manager Iqbal Singh as Member of Council, and Member Secretary-Cum -General Manager, District Industries Centre Rakesh Kumar Kansal attended the meeting. A total of 118 cases were listed in today's meeting and a record 31 references were decided by the MSEFC Ludhiana.
A total of eight references were dismissed as withdrawn due to the claimants reached on compromise and got the delayed payment. Other references were dismissed on merits and nine references were admitted their claim was accepted not only for the pending principle amount but also that the respondent shall be liable to pay Interest three times at the rate as per guidelines of RBI as per the provision of section 16 of MSME Development Act 2006.
Deputy Commissioner Surabhi Malik said that DL-MSEFC Ludhiana would start allocating the arbitration cases to empaneled arbitrators to help the litigants in the early resolution of cases. Nodal Officer ADC Bains apprised that special efforts are being made for amicable settlement of disputes and a platform is provided to address the issue related to delayed payments of Micro & Small Enterprises as per the provision of MSME Development Act 2006.
Member Secretary Rakesh Kumar Kansal also said that stakeholders should take advantage of this Quasi-Judicial Authority to settle the delayed payments and also apprised that the award pronounced by this District Council, which is a statutory authority sustains the status of Decree of the Court & sustains overriding effect. He said that to appeal against the award, the respondent has to remit upfront 75% amount of the total award amount then only the court of Law may entertain the appeal as per the provision of the MSME Development Act 2006.