FORM 3
(See clause (1) of sub-rule (1) of rule 5)
FORM OF DEMAND NOTICE/INVOICE DEMANDING PAYMENT
UNDER THE INSOLVENCY AND BANKRUPTCY CODE 2016
(Under Rule 5 of the Insolvency and Bankruptcy [Application to Adjudicating
Authority) Rule, 2016]
Date: 1309.05.2024
To,
M/s Gadag Mines and Minerals Private Limited
A company registered under the provisions of
The Companies Act, 2013 having its registered address
at 1507 C, Ford Corner, Bhupal Tower,
1st Floor, Laxmipuri,
Kolhapur, Maharashtra –, India, 416 002
deccanmolasses@rediffmail.com
From,
Landmark Mining and Logistics,
A Partnership firm registered under the provisions of
The Indian Partnership Act, 1932 having its registered through its Partner
office at 214, Kudal Vengurla Road, Near Railway Bridge,
Pinguli Taluka, Kudal, Dist. Sindhudurg, Maharashtra – 416 528
Subject: Demand Notice/invoices demanding payment in respect of unpaid
operational debt due from M/s Gadag Mines and Minerals Private Limited
under the Code
Sir/ Mmadam,,
1. This letter is demand notice/invoice demanding payment in respect of an unpaid
operational debt due from M/s Gadag Mines and Minerals Private Limited
2. Please find particulars of the unpaid operational debt below:
PARTICULARS OF OPERATIONAL DEBT
1. total Total amount of debt, 1. Landmark Mining and Logistics, a
details of transactions on partnership firm registered under the
account of which debt fell provisions of the Indian Partnership Act,
due, and the date from which 1932 is in the business of buying and selling
such debt fell due Iron ore and has obtained the rights of
buying and selling of Iron ores in respect of
‘Sateli Mines’ from M/s Deccan Minerals
Private Limited.
2. As per the Agreement for sale of Iron Ore
dated 24.11.2023 (hereinafter referred to as
the “said agreement”) entered between
Gadag Mines and Minerals Private Limited
(Operational Debtor) and Operational
Creditor viz. Landmark Mining and
Logistics (Operational Creditor) for the
purpose of sale of 5,25,000 MT of iron Iron
ore Ore at “Sateli Mines” having an average
of 48% Fe at a price of Rs. 1,050/- per MT
to Operational debtor on various terms and
conditions stated in the said agreement.
Copy of Agreement dated 24.11.2023 is
annexed as “Annexure-A”.
3. Corporate Debtor viz. Gadag Mines and
Minerals Private Limited (Operational
Debtor) agreed to do several acts under the
said agreement such as obtaining NOC and
statutory permission, submit the necessary
documents and to pay a sum of Rs. 13.33
crores Crores to Operational Creditor viz.
Landmark Mining and Logistics
(Operational Creditor) and other entities.
4. The Operational Creditor had supplied
62,857.390 MT of the said goods to
Operational Debtor and had raised invoice
for an amount of Rs. 7,86,59,110/- (Rupees
Seven Crores Eighty Six Lakhs Fifty Nine
Thousand One Hundred and Ten only).
Copy of pending invoice is marked as
“Annexure-B”.
5. In return, the Operational Debtor have paid
only an amount of Rs. 2,16,00,000/- (Rupees
Two Crores Sixteen Lakhs only) on
_______.
6. Therefore, as on date of this Notice, total
amount of debt due and payable by
Corporate Debtor viz. Gadag Mines and
Minerals Private Limited (Operational
Debtor) to Operational Creditor viz.
Landmark Mining and Logistics
(Operational Creditor) is Rs. 5,70,59,110/-
(Rupees Five Crore Seventy Lakhs Fifty
Nine Thousand One Hundred and Ten only)
Details of debt fell due is marked as
Annexure ___.
2. amount Amount claimed to Amount claimed to be in default is Rs.
be in default and the date on 5,70,59,110/- (Rupees Five Crore Seventy
which the default occurred Lakhs Fifty Nine Thousand One Hundred
(attach the workings for and Ten only)
computation of default in
tabular form) The default has occurred upon the Gadag Mines
and Minerals Private Limited not making
payment in response to the Invoice dated
24.11.2023 despite making part payment of Rs.
2,16,00,000/- (Rupees Two Crores Sixteen
Lakhs only) on ____, the amount of Rs.
5,70,59,110/- (Rupees Five Crore Seventy
Lakhs Fifty Nine Thousand One Hundred and
Ten only) is unpaid till date.
3. Pparticulars of security held, NA
if any, the date of its creation,
its estimated value as per the
creditor. attach a copy of a
certificate of registration of
charge issued by the registrar
of companies (if the
corporate Corporate debtor
Debtor is a
companyCompany)
4. details Details of retention of NA
title arrangements (if any) in
respect of goods to which the
operational Operational debt
Debt refers
5. records Records of default N.A.
with the information utility
(if any)
6. Pprovision of law, contract or a. Indian Contract Act, 1872.
other document under which
b. Agreement for sale of iron ore entered
debt has become due
between Operational Creditor and
Operational Debtor.
c. Invoice of issued by the Operational
Creditor issued to Operational Corporate
Debtor.
7. list List of documents a. Copy of Agreement dated 24.11.2023 is
attached to this application in
annexed as “Annexure –A”
order to prove the existence
b. Copy of pending Invoice dated 31.03.2024
of operational debt and the
amount in default due and payable by Corporate Debtor viz.
Gadag Mines and Minerals Private Limited
(Operational Debtor) to Operational
Creditor viz. Landmark Mining and
Logistics (Operational Creditor) is
annexed as “Annexure-B”
3. If you Gadag Mines and Minerals Private Limited dispute the existence or amount
of unpaid operational debt (in default) please provide the undersigned, within ten
days of the receipt of this letter, of the pendency of the suit or arbitration
proceedings in relation to such dispute filed before the receipt of this letter/ notice.
4. If you believe that the debt has been repaid before the receipt of this letter, please
demonstrate such repayment by sending to us, within ten days of receipt of this
letter, the following:
(a) An attested copy of the record of electronic transfer of the unpaid amount from
the bank account of the corporate debtor; or
(b) An attested copy of any record that Landmark Mining and LogisticsLandmark
Mining and Logistics (Operational Creditor) has received the payment.
5. The undersigned states that that no record of a dispute raised in relation to the
relevant operational debt has been filed by any person on behalf of Gadag Mines
and Minerals Private Limited at any information utility., hereby, attaches a
certificate from an information utility confirming that no record of a dispute raised
in relation to the relevant operational debt has been filed by any person at any
information utility. (if applicable)
6. The undersigned request you to unconditionally repay the unpaid operational debt
(in default) in full within ten days from the receipt of this letter failing which we
shall initiate a corporate insolvency resolution process in respect of Gadag Mines
and Minerals Private Limited. [name of corporate debtor].
Yours sincerely,
Signature of Creditor/Person authorized to act on behalf of Operational
Creditor
Name: MR. JAYPRAKASH S. RANE,
Position with or in relation to the Operational Creditor: Partner
Position with or in relation to the Operational Creditor: Partner
Address of person signing: 1507 C, Ford Corner, Bhupal Tower, 1st Floor, Laxmipuri,
Kolhapur, Maharashtra, India, – 416 002
