FORM 3

DEMAND NOTICE UNDER THEE INSOLVENCY AND BANKRUPTCY CODE, 2016

(Under rule 5 of the Insolvency and Bankruptcy (Application to adjudicating

Authority) Rules. 2016)

Date: __________

To,
Vijay Latex Products Pvt Ltd.
35, Chandivali Village,
Off Saki Vihar Road,
Andheri (East), Mumbai- 400072

From,

Scorpion Express Pvt Ltd.

Ashok Cinema building,
Budha Marg, Patna- 800001
Bihar, India.

Subject: Demand notice in respect of unpaid operational debt due from Vijay
Latex Products Private Limited under the Code.

Sir,

1. This letter is a demand notice/invoice demanding payment of an unpaid

operational debt due from Vijay Latex Products Private Limited.

2. Please find particulars of the unpaid operational debt below:

 PARTICULARS OF OPERATIONAL DEBT

1 TOTAL AMOUNT OF DEBT, Total amount of Debt: Rs. 2,95,950.91/- (Two lakh
DETAILS OF Ninety Five Thousand Nine Hundred and Fifty and
TRANSACTIONS ON Ninety one Paisa Only) plus the interest rate at 18%
ACCOUNT OF WHICH DEBT per annum till realization.
FELL DUE, AND THE DATE
FROM WHICH SUCH DEBT Transaction on account of which debt fell due:
FELL DUE. Contract Agreement dated _________ for services of
transporting goods from one place to another as per
recruitment between Scorpion Express Pvt. Ltd. AND
Vijay Latex Products Pvt. Ltd. In which amount
overdue is Rs.2,95,950.91/- for works executed.

Date on which date fell due: 4th October 2014

Amount Remark Time within Date of Default

2 AMOUNT CLAIMED TO BE (RS.) s which as per Contract
IN DEFAULT AND THE amount was Agreement
DATE ON WHICH THE due
DEFAULT OCCURRED(
ATTACH THE WORKINGS 45,518 Bill (Please (please mention
FOR COMPUTATION OF raised mention as as per invoice
DEFAULT IN TABULAR per the received from
FORM) Agreement) other side)

50,432 Bill (Please (please mention

raised mention as as per invoice
per the received from
Agreement) other side)

50,000 Bill (Please (please mention

raised mention as as per invoice
per the received from
Agreement) other side)
 50,000 Bill (Please (please mention
raised mention as as per invoice
per the received from
Agreement) other side)

50,000 Bill (Please (please mention

raised mention as as per invoice
per the received from
Agreement) other side)

50,000 Bill (Please (please mention

raised mention as as per invoice
per the received from
Agreement) other side)

PARTCULARS OF SECURITY No securities is held by Scorpion Express Pvt. Ltd.

3 HELD, IF ANY, THE DATE OF with respect of the operational debt owned by Vijay
ITS CREATION, ITS Latex Products Pvt. Ltd. for service availed.
ESTIMATED VALUE AS PER
THE CREDITOR.
ATTACH A COPY OF A ( Get the company registration from MCA website)
CERTIFIACTE OF
REGISTRATION OF CHARGE
ISSUED BY THE REGISTRAR
OF COMPANIES (IF THE
CORPORATE DEBTORS IS A
COMPANY)

DETAILS OF RETENTION OF The Contract does not have the provisions to retain
4 TITLE ARRANGEMENTS (IF the title of goods
ANY) IN RESPECT OF
 GOODS TO WHICH THE
OPERATIONAL DEBT
REFERS

RECORD OF DEFAULT WITH No record is available with an information utility.

5 THE INFORMATION UTILITY
(IF ANY)
PROVISIONS OF LAW, As per Agreement dated ___________. Invoice
6 CONTRACT OR OTHER raised are attached along with Delivery Challan.
DOCUMENTS UNDER
WHICH THE DEBT HAS
BECOME DUE

LIST OF DOCUMENTS (a) Agreement dated _______________

7 ATTACHED TO THIS
APPLICATION IN ORDER TO (b) Invoices
PROVE THE EXISTENCE OF
OPERATIONAL DEBT AND (c) Various delivery challans, Demand Notice and
THE AMOUNT IN DEFAULT. Emails.

( Or any document showing acceptance)

3. If you dispute the existence or amount of unpaid operational debt (in

default) please provide the undersigned, within ten days of 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 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 [name of the operational creditor]
has received the payment.
 5. The undersigned request you to unconditionally repay the unpaid
operational debt (in default) in full within ten days from receipt of this
letter failing which we shall initiate a corporate insolvency resolution
process in respect of Vijay Latex Pvt. Ltd.

Yours Sincerely,

______________
Authorised signatory for Scorpion Express Pvt Ltd.
117/118 T.V. Industrial Estate, S. K. Ahire Marg, Worli, Mumbai- 400030.
 EXHIBIT 1

Particulars of Operational Debt

Sr. Amount Remarks Time within which Date of default as

No (Rs.) amount was due per Contract
Agreement

1 Rs. 4,56,18,410 Bill raised for 7% of the total amount Final bill i.e R.A Bill
works was to be paid within 43 was submitted
completed 14 days of the final R.A on 5th June 2014
Bill and the balance and therefore the
30% of the total due date for 70% i.e
amount was to be paid Rs. 3,20,19,262/- is
within 28 days from the 19th June 2014 and
date of submission of the due date for
the final R.A Bill. balance 30% i.e Rs.
1,37,22,541/- is 3rd
June 2014

2 Rs. 8,91,49,870 Retention Phase wise release: Phase 1 was

Money 50% on completion of completed on 30th
the work and 50% on September 2010.
completion of Defect DLP was for a
Liability Period (DLP), period of 1 year
for each phase of the after completion of
works. Phase 1, which was
up to 30th
September 2011.

Phase 2 was
completed on 14th
April 2014. DLP was
for a period of 1
year after
completion of
 Phase 2, which was
upto 13th April
2015.

3 Rs. 8,04,98,911 Reimbursement This was to be paid 5th June 2014

for VAT paid along with every
payment against the
invoices raised.