To,
Mr. Vivek Sharma,
Proprietor, M/s Sharma Traders,
24, Gandhi Nagar,
Jaipur, Rajasthan - 302015.
R E: Legal Notice under Section 73 of the Indian Contract Act, 1872, for Recovery of
Outstanding Dues with Interest and Legal Costs.
Dear Mr. Vivek Sharma,
Under instructions from my client, M/s Ramesh Exports Pvt. Ltd., r/o 48, Marine Lines,
Mumbai, Maharashtra - 400020, I hereby serve you this legal notice as follows:
1. That, On 1st July 2023, your firm entered into a formal purchase agreement with my client
for the supply of industrial machinery and equipment valued at ₹500 lakhs. Payment terms
stipulated ₹230 lakhs as an advance payment and ₹270 lakhs to be paid within 30 days of the
delivery date, i.e., by 20th August 2023
2. That, the machinery was delivered by my client on 15th July 2023, and you acknowledged
receipt on 20th July 2023, confirming the goods were as per specifications mentioned in the
contract.
3. That, on 1st August 2023, you made a partial payment of ₹30 lakhs, leaving an outstanding
balance of ₹240 lakhs.
4. That, despite repeated reminders, including official communications dated 15th September
2023 and 1st October 2023, you failed to remit the balance amount.
5. That, as per Section 73 of the Indian Contract Act, 1872, your failure to honor the payment
terms constitutes a breach of contract, making you liable for the outstanding dues, interest
at 18% per annum (from 20th August 2023), and legal costs incurred by my client.
6. That, you are hereby directed to pay the outstanding amount of ₹240 lakhs, along with
interest calculated at 18% per annum from 20th August 2023 to the date of actual payment,
and legal expenses incurred by my client, within 15 days from the receipt of this notice.
7. That, failure to comply will compel my client to initiate legal proceedings, including filing a
recovery suit, at your sole risk regarding costs and consequences.
This notice is issued without prejudice to any other legal rights and remedies available to my
client under applicable laws.
Thank You,
Date: 07/12/2024
Place: Noida.
