KHAMMAM: A 60-year-old beggar is among 84 people facing a grim situation as a hotelier who has borrowed Rs 1.95 crore from them promising high interest rate, has filed an insolvency petition (IP) in the Senior Civil Court in Khammam.
Ashok, who scratches a living by begging along with his wife in front of the Saibaba Temple at Bonakal mandal headquarters, has lent his Rs 50,000 to R Narasimha Rao in the hope of getting higher returns and using the same for the marriage of his daughter. The hotelier closed his business two years ago and disappeared from Bonakal only to resurface in Khammam and apply for insolvency. His wife also owes Rs 80.59 lakh to lenders.
With Narasimha Rao filing IP and sending notices to the lenders, Ashok is forced to beg authorities for help to recover his money. Moved by his plight, locals have expressed their support for Ashok but his chances of getting back his money are slim as Narasimha Rao in his IP claims that he has nothing but Rs 140 in his bank account and a house worth Rs 70 lakh registered in the name of his wife at Bonakal.
Now, the court will oversee the sale and distribution of creditors’ money, which means that like others Ashok may receive a fraction of what he has lent to the hotelier.