VIJAYAWADA: Realtor and LEPL Projects Limited whole-time director Lingamaneni Ramesh on Monday denied reports that the real estate company promoted by him, Linagamaneni Estates Private Limited (LEPL), filed an insolvency petition before the National Company Law Tribunal (NCLT) after allegedly failing to repay loans taken from creditors. Ramesh is the promoter of Air Costa Airlines, which suspended its operations since February 2017.
Denying reports in a section of media that LEPL Projects Limited has become bankrupt as LEPL is in huge losses and is not in a position to repay the loans to its creditors, Ramesh said that during the course of its business operations, LEPL Projects Limited-Air Costa entered into a commercial contract in 2014 with a Germany-based company for repairs, maintenance and overhaul services.
“Subsequently, a commercial dispute arose between LEPL Projects Ltd-Air Costa and the foreign firm and the latter filed a petition before the NCLT, Amaravati Bench. On November 14, 2019, the petition was admitted by the NCLT and directed the interim resolution professional for commencement of corporate insolvency resolution process of LEPL immediately. The LEPL appealed against the order in an appropriate judicial forum,’’ Ramesh said.
“The matter is purely a contractual dispute involving a small amount of money and it has nothing to do with any companies and businesses of LEPL Group. Indisputably, neither LEPL nor Lingamaneni Ramesh filed any insolvency petition in any court in India,’’ a statement by Ramesh said.
The statement further read that LEPL is a very reputed and solvent company in Andhra Pradesh and there is no issue of nonpayment to creditors. “There is absolutely no cause or reason to think that LEPL is bankrupt or insolvent,’’ it read.
A strong supporter of former chief minister N Chandrababu Naidu, Lingamaneni was recently in news after he received notices for demolition of the alleged illegal structures built by him in the ‘karakatta’ of river Krishna. Naidu is residing in Lingamaneni Ramesh’s guest house in karakatta.
LEPL promoted by Ramesh was incorporated in March 1996 with its registered office in Vijayawada and Corporate office at Banjara Hills in Hyderabad.