Limitation Act Won't Apply To Conciliation Process Under MSMED Act, But Applies To Arbitration : Supreme Court

The Supreme Court settled an important legal issue regarding the recovery of time-barred payment claims by Micro, Small, and Medium Enterprises (MSMEs) suppliers from large buyers under the MSMED Act. The Court held that while MSME suppliers may pursue time-barred debts through conciliation proceedings under the Act, such claims cannot be enforced through arbitration, as the Limitation...