The Micro, Small and Medium Enterprises Development Act, 2006 (“MSMED Act”) As per the new definition/criteria for classification of MSMEs which will be effective shortly from 1 st July 2020, many new entities will become MSMEs. Therefore, a question arises as to -can these new MSMEs claim benefit under the MSMED Act under their existing contracts, as MSMEs? Is it legally possible to enable/stop them in this regard? As to the retrospective/prospective application of the 1 st June notification laying down the new criteria, the following cases have very important bearing on the topic: Purbanchal cable is the landmark judgement of the Sup...
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