As per the MSMED Act, "appointed day" is defined as the

Solution

The term “appointed day” is critical in determining the due date for payments from buyers to MSME suppliers. According to the MSMED Act, the appointed day is the day immediately after 15 days from the acceptance or deemed acceptance of goods or services by a buyer. This definition is important for calculating the period after which delayed payment interest becomes applicable. The law ensures that MSMEs are protected from indefinite delays in receiving their dues by establishing this legally enforceable time frame.