Section 16

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.

Conciliation is a voluntary dispute resolution process where a neutral conciliator helps parties reach a mutual agreement. It begins with a written invitation, progresses through the appointment of conciliators, and concludes with a legally binding settlement agreement.

The jurisdiction of an arbitral tribunal is rooted in the arbitration agreement, scope of disputes, and legal framework. Governed by principles like competence-competence, tribunals can decide their jurisdiction, issue interim measures, and ensure effective arbitration.

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.