Gomti Nagar's IT and consulting firms bill on invoices with 30-90 day payment terms — the classic setup Section 16 of the MSMED Act was written for. A registered MSME service provider whose client pays late is legally owed compound interest at 3x the RBI bank rate, a right most businesses here don't realise they're not using.
Statutory interest under Section 16 MSMED Act for a registered MSME.
See detailsUpload invoices for an AI-assisted claim and interest calculation.
See detailsNo. The entire process — submitting invoice or cheque details, legal notice dispatch by Registered Post, and any tribunal or court proceeding — is handled remotely. Nothing requires an in-person visit.
Free to submit your claim for assessment. You only pay a flat process fee once your case is approved — nothing upfront.
The legal process — Section 16 MSMED Act interest or Section 138 NI Act for a bounced cheque — is the same everywhere in India. What differs is which route applies fastest, which depends on how your original deal was documented.
Share the defaulting party's details, the amount, and how overdue it is. Free assessment, no upfront fee.