MSME Recovery - How to Recover Bad Debts from Debtors

Are you struggling with frequent non payment or delayed payments from your customer ?

Well to address this issue, the government has introduced the MSME Samadhaan Portal.

This platform provides a mechanism for MSMEs to recover outstanding dues from buyers.

If a buyer fails to settle payment within 45 days of receiving goods or services, the MSME can initiate a debt recovery case through the portal.

The process involves:

Documentation: Gathering essential documents such as purchase orders, delivery challans, and invoices.

Online Application: Submitting a comprehensive application through the MSME Samadhaan Portal.

Application Assessment: The portal reviews the submitted information and initiates a formal case if found valid.

Document Verification: Providing original copies of supporting documents as required.

Notice to Buyer: Issuance of a notice to the defaulting buyer.

Final Order: If payment remains unsettled, the portal issues a final order with applicable interest.

The MSME Samadhaan Portal offers a streamlined approach to resolving payment disputes, ensuring timely recovery of dues and supporting the growth of MSMEs.

Stay financially savvy!

Akash from Jordensky

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