Specified companies must file MSME Form 1 when payments to micro or small suppliers remain unpaid over 45 days. Only specified companies with payments pending to any micro or small enterprise for more than 45 days from the date of acceptance or deemed acceptance must furnish information in MSME Form 1; the substituted MSME Form 1 requires a half yearly return reporting supplier particulars, amounts due (including amounts paid within 45 days, paid after 45 days, and outstanding for more than 45 days), payment mode (TReDS/other), optional attachments, and a digitally signed declaration by an authorised officer, with statutory penalty notice for materially incorrect information.