Distinguish between the 'day of acceptance' and the 'day of deemed acceptance' under the Micro, Small and Medium Enterprises Development Act, 2006.

CS Executive · Economic and Commercial Laws · PYQS · June 2016
Distinguish between the 'day of acceptance' and the 'day of deemed acceptance' under the Micro, Small and Medium Enterprises Development Act, 2006.

Answer & Explanation:

Explanation to Section 2(b) (i) of the MSMED Act, 2006 defines "the day of acceptance" as to mean the day of the actual delivery of goods or the rendering of services; or where any objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day on which such objection is removed by the supplier. Explanation to Section 2(b) (ii) of the MSMED Act, 2006 defines "the day of deemed acceptance" to mean, where no objection is made in writing by the buyer regarding acceptance of goods or services within fifteen days from the day of the delivery of goods or the rendering of services, the day of the actual delivery of goods or the rendering of services.

Topics: Micro, Small and Medium Enterprises Development Act, 2006

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