Aged Beggar Receives Insolvency Petition Notice After Loaning ₹50,000 to Hotelier

Hyderabad: A man who eked out a living by seeking alms in Bonakal in the district was in for the shock of his life when he received an insolvency petition (IP) notice from the court.

It was said that a hotelier, R Narasimha Rao and his wife, Sudharani of Bonakal filed the insolvency petition in the district court for an amount of Rs.1.95 crore last month claiming that their financial condition was in a bankrupt state.

This was after he had taken loans from multiple persons. The court, which admitted the petition, served notices to the creditors of the petitioners to inform them of Rao’s financial condition. One of the creditors happened to be an aged beggar Ashok, who begs for alms at the local Sai Baba Temple and lives in a tarpaulin covered shed near the temple.

Speaking to the media, Ashok claimed that he had loaned Rs.50,000 to the hotelier, believing that his money would be safe with him. When the aged man asked the hotelier to repay the amount, the latter reportedly said he would repay the man when he was in need of the money.

Ashok said he trusted Narasimha Rao’s words, but the latter failed to pay back the money even after five years. Recently, the hotelier signed a promissory note when Ashok made a serious demand to repay the money.Ashok said he thought he could get the money as the hotelier had signed the note, however, the latter fled the town after filing the insolvency petition in a court.

The money was saved for the education of his two children, without which now he was finding it difficult to send them to study, Ashok lamented.He is now waiting to see what happens, with many others also getting the IP notice from the court, hoping that he might get his Rs.50,000 back some day.