Section 15

The MSMED Act, 2006 gives micro and small suppliers a 45-day payment mandate, mandatory compound interest, and a dedicated facilitation council that overrides ordinary arbitration agreements.

The Bharatiya Sakshya Adhiniyam, 2023, governs admissions under Sections 15-21, defining them as oral, written, or electronic statements relevant to legal disputes. It balances evidentiary value with fairness, addressing admissibility, relevance, and confidentiality.