Motasad Institutions Pvt Ltd — Request to HOLD LIBPL Amount due to non payment of amount to Subcontractor MOTASAD for IOCL Composite Work for CGD Jagtial.

Address:

8-1-351/B/10/B Rahul Colony Tolichowki,

Dear Sirs,
At the starting of project, Please see below mail agreement between MOTASAD Sub Contractor and Lakshmi Infra Buildcon Pvt Ltd Contractor for CGS Jagtial project work.
Dear Sir,

For purpose of accounting of Jagtial Project works which is assigned to MOTASAD following terms and Conditions.
WE CAN PROCEED AS PER OUR DISCUSSION.
1) LIBPL Royalty is assigned 12.5%
2) However If IOCL will compensate 2% then it will 14.5% which will be calculated in final bill.
Until final, bill it will be 12.5%.
3)Bills amount will be paid on back to back however LIBPL will try to support some partial bill amount to run the project.
4)Reinforcement material and Mechanical and Electrical material will be supplied by LIBPL as an additional favor and support to MOTASAD.
5) All materials supplied by LIPBL MOTASAD will remove base amount from MOTASAD Total GST bill amount and submit balance GST bill to LIBPL.
example Reinforcement 50 lakhs LIBPL supplied then out of total bill amount 50 lakhs will be removed and balance amount GST bill will be submitted to LIBPL.
6) If any LD due to delay by MOTASAD it will be levied to MOTASAD.
THANKS
MOTASAD
SIR,
MOTASAD have spend money in CGS project starting from 10 November 2021 till 31 December 2021.Until 31 December 2021 progres is good and work completed Boundary wall with Retaining wall and Control building Footings. Work Progress is even appreciated by IOCL as well.
As all Civil items in initial stage of project are less than market value example Rock excavation/ Reinforcement only bar bending is 7000/Ton for 50 Tons of bar bending which is 3.5 Lakhs spend from my money as this reinforcement rate is less than market value, there is loss in this item/Retaining wall concrete/ Shuttering/ Slab Metal Supports 100 No.s which MOTASAD purchased which costs me 1 Lakh rupees.
But still MOTASAD do invested amount in order to support project. Around 30 Lakhs MOTASAD invested out of which is 5 Lakhs of my wife Gold I sold and 25 Lakhs which includes my children education amount and some loan taken from HDFC bank and ICICI bank which still I am paying EMI, all these around 30 Lakhs in order to support project in hoping to get my invested amount will be returned with profit at the end of project. Bills claimed is by LIBPL Civil Engineer Mahboob is 50 percent of actual amount expenditure at site, ( which is 90percent of bill and 10 percent retention and LIBPL 12.5 percent which is I have to receive only 67.5 percent but more amount nad financial support is received from LIBPL but still I have to spend more amount from my pocket to support the project along with what ever amount is received from LIBPL it is invested in project to run project. All under ground works and negative items work is completed by MOTASAD.
All above causes financial crisis.
In April it is decided by LIBPL to take over direct financial control of project I become penniless I Swear, I have no amount to spend in project, at that time I don't have even amount for my household daily expenses.Me and my family and my children spend many month
s in tears. Till now I am in financial crises taking financial support from my relatives for my daily expenses.
Kindly see financial problems faced from my side also, then take your decision based on justice. I am a poor man 30 Lakhs is my life long savings, which I invested.

A humble request to LIBPL.
Sir I am in financial crises.

Very kind and Humble request to LIBPL.
Kindly send account summary details in a week.
Still there is 10 percent final bill amount and retention amount I need to receive from LIBPL.
LIBPL is big company, but for me even 1 Lakh is a big amount I cant bear loss of 30 Lakhs.
Kindly do justice for me.
Thanks
MOTASAD