dhanu (Representative) 04 August 2023
Dear sir,
I have taken loan in 2019 for business start up from the Mumbai district co-operative Bank and had huge loss in business due to COVID 19 . But I have paid half of the amount to the bank, I have taken 2, lacs
Now the bank has sent me the notice under Section 101 in the M C S Act 1960. My question is about that I have taken loan on msme scheme, can I get subsidy for the loss and what is this section please suggest me
Thank you
T. Kalaiselvan, Advocate (Advocate) 04 August 2023
Under this MSME loan subsidy scheme, eligible firms can get an interest relief of two percent per annum on their outstanding fresh/incremental term loans or working capital loans during the period for which the scheme is active.
Online Application and Tracking System has been introduced w.e.f. 01.10. 2013. To claim subsidy under CLCSS, eligible MSEs are required to apply online through Primary Lending Institutions (PLIs), from where the MSEs avail term loan.
Businesses can receive up to 15% subsidy on their investment in specific machinery under this scheme. It must be noted that the subsidy comes with an upper limit of Rs. 1 crore.
If there is no such written agreement, the section mandates that the payment shall be made within 15 days. Section 16 of the MSMED Act provides, if payment is not made within the time limit specified under section 15, then the interest payable shall be three times of the bank rate notified by the RBI.
Dr. J C Vashista (Advocate ) 05 August 2023
Losses suffered by MSME during COVID-19 cannot be waived, however, payment can be deferred in moratorium, if allowed by lender. bank.
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