The micro, small and medium enterprises are terms which are defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, which was enacted by the Government of India in 2006.
The debt recovery provisions of the MSME Act, of 2006 have proved a boon for business houses. Micro, Small and medium enterprises can recover their dues or debt by making a claim before the MSME Facilitation Council.
Such a claim can be filed before the MSME council within the jurisdiction of the MSME is registered.
The claim for the MSMC recovery of dues or debt can be filed if payment is not made within a period of 45 (days) from the date on which such a claim is accrued.