Lingamaneni Ramesh, a realtor and a staunch supporter of Chandrababu Naidu, has gone bankrupt. The promoter of Lingamaneni Estates Private Limited (LEPL), has filed an Insolvency Petition before the National Company Law Tribunal (NCLT).
In the petition, Lingamaneni Ramesh stated that the company is not in a position to repay the loans to its creditors as it has incurred huge losses. The insolvency resolution would be processed and the exercise would be completed by May 12, 2020. Reportedly, the Lingamaneni Estates was incorporated in March 1996, with its registered office in Vijayawada and corporate office in Banjara Hills. As per reports, Lingamaneni Ramesh started off several projects, especially in Vijayawada and Amaravati. In fact, he had also started airlines – Air Coasta, on 16th October 2013 and on 28 February 2017, all the services got suspended.
Lingameni had also made healdines when the YSR Congress government headed by YS 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.