A 2 (two) judge bench of the Supreme Court of India (“Supreme Court”) inter alia held that Chapter–V of the Micro, Small and Medium Enterprises Development Act, 2006 (“MSMED Act”) overrides the provisions of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”). The Supreme Court further held that the reference to the Micro and Small Enterprise Facilitation Council by a party to a dispute under Section 17 of the MSMED Act is maintainable despite the existence of an independent and valid arbitration agreement.
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