Bombay High Court denies appointment of arbitrator for dispute against MSME
Bombay High Court held the instant applications under Section 11 of Arbitration Act as non-maintainable and dismissed the said applications.
Bombay High Court held the instant applications under Section 11 of Arbitration Act as non-maintainable and dismissed the said applications.
“The MSMED Act, 2006 is a beneficial legislation with an object to promote and develop micro, small and/or medium enterprises, and the interpretation regarding a reference for the interest component alone would be in consonance with the object of the Act”
The MSMED Act, 2006 is a beneficial legislation for Micro, Small and Medium Enterprises and ought to be construed in a manner that is beneficial to such enterprises.
Delhi High Court observed that the MSMED Act, 2006 has been enacted for the purpose of extending benefits to Suppliers, who are registered under the Act as Micro or Small Enterprises, it does not contemplate the reverse obligation i.e. claims relating to the amount recoverable from the Suppliers under the MSMED Act, 2006.
“The MSMED Act of 2006 is a special statute as it was specifically enacted for facilitating the promotion and development of micro, small and medium Enterprises and enhancing their competitiveness.”
NCLAT observed that allowing present appeal holding the Successful Resolution Applicant ineligible would automatically make the resolution plan redundant.
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