Buzz is that Realtor Lingamaneni Ramesh who is known to be a close aide of Former AP CM Chandrababu Naidu has failed to repay loans and even filed an insolvency petition (IP) before the National Company Law Tribunal (NCLT). Today, This Businessman offered a clarification over the reports in circulation about him.
Lingamaneni Ramesh: 'There were few issues in the agreement signed by Air Costa with a Germany-based Company. Even before they were resolved, That Firm moved an Insolvency Petition (IP) before the Law Tribunal. Based on that petition, The Insolvency and Bankruptcy Board of India has issued 'Form-A' asking the creditors to submit proofs by November 29th. Other Firms in Lingamaneni Estates Private Ltd have nothing to do with this issue. Financially, We aren't facing any problems what-so-ever. Never been before we failed to repay the loans'.
Lingamaneni Estates Private Limited was registered in March 1996 and has been operating from Vijayawada since then. May 12, 2020 is the estimated date for closure of the Insolvency Resolution Process.