The Govt. of India had introduced an act named as "the Interest on Delayed Payments to Small Scale & Ancillary Industrial undertakings Act, 1993", in 2nd April, 1993, which provides for and regulate the payments of Interest on delayed payments to small scale & ancillary industrial undertakings.
The erstwhile West Bengal Industry Facilitation Council was constituted in accordance with provision of section 7B of the said Act (32 of 1993), which came into force in 13th November 2000 under the West Bengal Industry Facilitation Council Rules, 2000. Then the Act had been amended in 1998 named as "Interest on Delayed Payments to Small Scale & Ancillary Industrial undertakings Act (Amendment) Act.'98." The erstwhile Council used to meet at least once in a month.
Now, the Council has been renamed as "West Bengal State Micro & Small Enterprises Facilitation Council (WBSM&SEFC)" in accordance with the provision of the Micro Small & Medium Enterprise Development Act.,2006( MSMED Act.,2006) which provides for facilitating the promotion & development and enhancing the competitiveness of micro, small & medium enterprises.
The Council acts as Conciliator or Arbitrator for final settlement of the outstanding dues between the parties & meets once in a month. Every petitioner units have to submit their application in proper prescribed form to the Council for realization of outstanding dues from the buyer units. In accordance with the provision of newly constituted W.B.S.M & S.E Facilitation Council Act, all the petitioner units have to submit an affidavit (duly executed) in support of the documents submitted by the units to the Council.