HYDERABAD: Lingamaneni Ramesh, realtor and a strong supporter of TDP President N Chandrababu Naidu, hit the headlines again by filing an Insolvency Petition before the National Company Law Tribunal (NCLT).
Earlier, he received demolition notice by AP State Government for his guest house, which was constructed unauthorizedly and illegally at Vundavalli on the banks of River Krishna. He allegedly taken huge loans from creditors and failed to repay from last two to three years.
Ramesh took up several real estate ventures in coastal districts including near Amaravati, AP State Capital and also floated an airlines company– Air Costa in a big way, but it failed to run properly after its take-off.
The airline commenced operations as a regional airline on 16th October 2013 and on 28 February 2017, Air Costa suspended operations until further notice stating financial difficulties regarding the lease of aircraft.
After he failed to repay the loans, he became a bankrupt and filed the above petition. As far as Insolvency and Bankruptcy Board of India which released “Form-A” to newspapers in the name of Interim Resolution Professional MS Mano Ranjani has mentioned that Lingamaneni Estates Private Limited (LEPL) has filed a bankruptcy petition on 14th of this month and last date for creditors to submit their claims along with proofs is on or before 29th of this month.
The Lingamaneni Estates was incorporated in March 1996, with its registered office in Vijayawada and corporate office in Banjara Hills, Hyderabad.