VIJAYAWADA: Realtor Lingamaneni Ramesh and a strong supporter of former AP chief minister Chandrababu Naidu, on Monday filed an Insolvency Petition (IP) before the National Company Law Tribunal (NCLT) after allegedly failing to repay loans taken from creditors.
A strong supporter of former Chief Minister N Chandrababu Naidu, Lingamaneni Ramesh was recently in the news after he received notices for the demolition of the alleged illegal structures built by him in the 'karakatta' of river Krishna in Undavalli of Guntur district in Andhra Pradesh. Naidu was residing in Lingamaneni Ramesh's guest house in Karakatta.
Ramesh invested in several real estate ventures in AP and also in Air Costa, an aviation firm that was later grounded. Linagamaneni Estates Private Limited (LEPL) promoted by Ramesh was incorporated in March 1996 with its registered office in Vijayawada and Corporate office in Banjara Hills of Hyderabad.
Ramesh allegedly failed to repay the loans taken from various creditors and filed the IP on November 14. The Insolvency and Bankruptcy Board of India released “Form-A” where through newspaper advertisements it gave November 29 as the last date for the creditors to submit their claims along with proofs.
The estimated date of closure of Insolvency Resolution process is May 12, 2020.