A series of bankruptcy petitions were filed against former Union minister and senior Congress leader T Subbarami Reddy in the Hyderabad bench of the National Company Law Tribunal (NCLT) over the nonpayment of loans received from various banks by Gayatri Projects Limited, a company that he owns.<\/p>\n
Subbirami Reddy is popular for doing construction projects, giving awards, doing pooja for Lord Shiva and also blessing people in his own way.<\/p>\n
His companies have come out with a Public issue also during the boom period and now he is in a financial mess.<\/p>\n
The socializer is popular by producing some movies in Tollywood. He has produced a movie called State Rowdy with Chiranjeevi.<\/p>\n
The petitions were filed by lender-banks and financial institutions (operational lenders) who assisted in the management of the Gayatri Projects Limited which failed to repay loans of more than Rs 600 crores.<\/p>\n
Of this, the company owes Rs 400 crores to Bank of Baroda while it defaulted on the repayment of a loan of Rs 240 crore secured from the State Bank of India (SBI). The Bank of Maharashtra, another lender, in its petition, sought to initiate bankruptcy proceedings against T Subbarami Reddy, who is the guarantor for the loan taken by his company Gayatri Projects Limited.<\/p>\n
The bank also sought directions for immediate repayment of the loan. Besides Subbarami Reddy, petitions were also filed separately against his wife Indira, relatives and close associates J Sushila Reddy, T Sarita Reddy, TV Sandeep Reddy, G Shivakumar Reddy, G Sulochana, and others.<\/p>\n
The NCLT started hearing the petitions filed by the Bank of Baroda, SBI, and IL & FS.<\/p>\n","protected":false},"excerpt":{"rendered":"
A series of bankruptcy petitions were filed against former Union minister and senior Congress leader T Subbarami Reddy in the Hyderabad bench of the National Company Law Tribunal (NCLT) over the nonpayment of loans received from various banks by Gayatri Projects Limited, a company that he owns. Subbirami Reddy is popular for doing construction projects, […]<\/p>\n","protected":false},"author":3,"featured_media":231242,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2],"tags":[53308,5761,29776],"class_list":["post-231241","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politicalnews","category-top-stories","tag-national-company-law-tribunal","tag-subbirami-reddy","tag-tsr"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2022\/11\/subbiramireddy.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/231241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=231241"}],"version-history":[{"count":0,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/231241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/231242"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=231241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=231241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=231241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}