https://www.taxtmi.com/caselaws?id=756948 Section 16 of the MSME Act mandates payment of compound interest with monthly rests at three times the RBI bank rate, and that statutory regime prevails despite Section 18 being subject to the Arbitration and Conciliation Act, 1996. The applicable rate is the RBI-notified rate prevailing at each monthly rest, not a rate frozen on the appointed day, because the appointed day only marks the start of computation. Prior payment at a fixed rate does not create waiver or estoppel against the statute. Interest is therefore computed from the appointed day until payment using the RBI rate in force at each monthly rest, multiplied by three. en-us Tue, 09 Jul 2024 00:00:00 +0530 Tue, 13 Aug 2024 07:04:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756948 Section 16 of the MSME Act mandates payment of compound interest with monthly rests at three times the RBI bank rate, and that statutory regime prevails despite Section 18 being subject to the Arbitration and Conciliation Act, 1996. The applicable rate is the RBI-notified rate prevailing at each monthly rest, not a rate frozen on the appointed day, because the appointed day only marks the start of computation. Prior payment at a fixed rate does not create waiver or estoppel against the statute. Interest is therefore computed from the appointed day until payment using the RBI rate in force at each monthly rest, multiplied by three. Case-Laws Indian Laws Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756948