Telugu realtor Lingamaneni Ramesh denies insolvency reports
- IndiaGlitz, [Tuesday,November 19 2019]
Lingamaneni Ramesh, the entrepreneur and realtor who is a promoter of Linagamaneni Estates Private Limited (LEPL), has said that his company has NOT filed an insolvency petition before the National Company Law Tribunal. Several media reports have noted that LEPL has filed insolvency on failing to repay loans. Ramesh's Air Costa Airlines had suspended its operations in 2017.
During the course of its day to day aviation business operations, LEPL Projects Limited-Aircosta had entered into a commercial contract with a Germany-based company in 2014 for provision of repairs, maintenance, and overhaul services. Subsequently, a commercial dispute arose between the two companies with respect to the maintenance of aircraft engines involving a small amount. The foreign entity had petitioned the NCLT, Amaravathi Bench, on November 14 this year. The matter is purely a contractual dispute in nature and that too, involving a small amount which has nothing to do with any other companies or business of LEPL group. Indisputably neither LEPL nor Sri Lingamaneni Ramesh has filed any petition, much less Insolvency Petition for declaration as Insolvent, in any Court of Law in India, Lingamaneni Ramesh has said.