Reversal of Interest provision in case of MSME buyer
This query is : Resolved
10 January 2025
If a MSME vendor for reasons of negligence/ignorance forgets to claim interest on delayed payments, can we as a buyer reverse the provision we made for Interest and if yes when?
14 January 2025
since the language of the act states that you shall be liable to make the interest payment, i do not think whether the buyer forgot to make claim or not, makes any difference. Your liability stands and it needs to be paid off to the vendor.
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