ABC Ltd a Public ltd company & also a Small Enterprise under MSMED Act,2006 sold certain goods to DEF Ltd on 25th April 2008. Payment terms Decided on 60 days credit.DEF Ltd not paid within the credit period. And DEF is still standing as Creditor of the company in the balance Sheet. 3 years lapsed from the date of expiry of Credit Period. So as per me Civil suit under CPC for recovery of Due amount is barred by Limitation Act .
As per Chapter –V of MSMED Act Buyer is liable to make payment in case of supply of goods/services. And if he does not do so Supplier can approach MSME Facilitation council for recovery of Amount Due.
Here my query is that can we approach MSME Council or we are here also barred by limitation Act to go to MSME council?
If we can approach MSME Council than what will be the procedure to be followed here?
