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Lingamaneni Becomes Bankrupt!

Hydrockers

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Hydrockers LEGEND

Hydrockers

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Lingamaneni Ramesh, the promoter of Lingamaneni Estates Private Limited (The LEPL), that has promoted several real estate projects in and around Amaravati, the existing capital city of Andhra Pradesh, has gone bankrupt.

The LEPL has filed an insolvency petition before the National Company Law Tribunal on November 14, stating that the company had been in huge losses and that it was not in a position to repay the loans to its creditors. 

 

notification to this effect was released in the media by Insolvency and Bankruptcy Board of India on Monday in the name of Interim Resolution Professional M S Mano Ranjani.

The insolvency resolution would be processed and the exercise would be completed by May 12, 2020.

The notification has called for all the creditors, who had given loans to Lingamaneni Estates, to submit their claims along with proofs on or before November 29.

The Lingamaneni Estates was incorporated in March 1996, with its registered office in Vijayawada and corporate office in Banjara Hills, Hyderabad.

Ramesh had taken up several real estate ventures in coastal districts, particularly near Vijayawada and Amaravati. He also floated an airlines project – Air Coasta, but it did not take off.

He allegedly collected huge money from the customers towards advance payments of the projects. Now, he has to pay back all the money.

Since his projects did not take off and money was locked up, Lingamaneni threw up his hands and filed the insolvency petition, sources said.

Lingameni recently shot into headlines when the YSR Congress government headed by Y S Jagan Mohan Reddy served a demolition notice to his guest house constructed on the banks of Krishna river at Vundavalli unauthorizedly. 

The guest house was leased out to Telugu Desam Party president and former chief minister N Chandrababu Naidu, who is still staying in it. The issue is now in the high court

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1 minute ago, Hydrockers said:

Lingamaneni Ramesh, the promoter of Lingamaneni Estates Private Limited (The LEPL), that has promoted several real estate projects in and around Amaravati, the existing capital city of Andhra Pradesh, has gone bankrupt.

The LEPL has filed an insolvency petition before the National Company Law Tribunal on November 14, stating that the company had been in huge losses and that it was not in a position to repay the loans to its creditors. 

 

notification to this effect was released in the media by Insolvency and Bankruptcy Board of India on Monday in the name of Interim Resolution Professional M S Mano Ranjani.

The insolvency resolution would be processed and the exercise would be completed by May 12, 2020.

The notification has called for all the creditors, who had given loans to Lingamaneni Estates, to submit their claims along with proofs on or before November 29.

The Lingamaneni Estates was incorporated in March 1996, with its registered office in Vijayawada and corporate office in Banjara Hills, Hyderabad.

Ramesh had taken up several real estate ventures in coastal districts, particularly near Vijayawada and Amaravati. He also floated an airlines project – Air Coasta, but it did not take off.

He allegedly collected huge money from the customers towards advance payments of the projects. Now, he has to pay back all the money.

Since his projects did not take off and money was locked up, Lingamaneni threw up his hands and filed the insolvency petition, sources said.

Lingameni recently shot into headlines when the YSR Congress government headed by Y S Jagan Mohan Reddy served a demolition notice to his guest house constructed on the banks of Krishna river at Vundavalli unauthorizedly. 

The guest house was leased out to Telugu Desam Party president and former chief minister N Chandrababu Naidu, who is still staying in it. The issue is now in the high court

Eedi background amiti bro ??  

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idibezwada LEGEND

idibezwada

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mee mokal manda straightga sakshit newslu veyakunda kodiga soodandi vayya...looks like only air costa is bankrupt..idi andariki telsinde....edu chesina real estate venturestho eppudo break even ayuntadi...atleast in and around vjw

PS: nannu mingakandi...anyone can correct me if i am wrong

https://telugu.news18.com/news/andhra-pradesh/lingamaneni-ramesh-clarifies-on-bankruptcy-rumours-ak-377292.html

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Hydrockers LEGEND

Hydrockers

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Just now, idibezwada said:

mee mokal manda straightga sakshit newslu veyakunda kodiga soodandi ayya...looks like only air costa is bankrupt..idi andariki telsinde..

https://telugu.news18.com/news/andhra-pradesh/lingamaneni-ramesh-clarifies-on-bankruptcy-rumours-ak-377292.html

Okati start ayyindi ante migitavi Q lo untai le baa

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vatchesa Sr. Hero

vatchesa

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6 minutes ago, idibezwada said:

mee mokal manda straightga sakshit newslu veyakunda kodiga soodandi vayya...looks like only air costa is bankrupt..idi andariki telsinde....edu chesina real estate venturestho eppudo break even ayuntadi...atleast in and around vjw

PS: nannu mingakandi...anyone can correct me if i am wrong

https://telugu.news18.com/news/andhra-pradesh/lingamaneni-ramesh-clarifies-on-bankruptcy-rumours-ak-377292.html

Papam thread starter and flow lo follow ayina valu 😒

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