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Nitin Chandrakant Desai, a well-known art director, was found dead at his studio in Raigad, Maharashtra. He had been having trouble paying back a 252 crore loan, and last week, a bankruptcy court accepted a plea against his company.
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Nitin Desai’s business, ND’s Art World Pvt Ltd, is said to have taken out two loans from ECL Finance totaling 185 crore in 2016 and 2018. In January 2020, he started having trouble with money.
The body of Nitin Desai was found at the ND Studio this morning. The cops think he killed himself.
The famous art director, who worked on films like Lagaan and Devdas, had opened the huge studio in the Khalapur taluka, just outside of Mumbai, where movies like Jodha Akbar were shot.
In addition to running hotels, theme restaurants, retail malls, and amusement centres, his company, ND’s Art World, also organises and operates replicas of historical sites.
Edelweiss Asset Reconstruction Company was granted permission to begin the corporate bankruptcy resolution procedure by the Mumbai bench of the National Company Law Tribunal on July 25.
After hearing both sides, HV Subba Rao, the judicial member of the tribunal, and Anu Jagmohan Singh, the technical member, nominated Jitender Kothari as the interim resolution professional.
The order said that the management of ND’s Art World would be with Kothari during the process.
Usually, an insolvency professional has to sell securities to make sure all the creditors get what they are owed and take care of the day-to-day business activities.
The order said that the account was a non-performing asset (NPA) as of March 31, 2021, and that as of June 30, 2022, the total amount in default was 252.48 crore.
In its response to the order, Nitin Desai’s company said that on May 7, 2021, there was a fire at the studio, which caused property to be lost, and that the creditors were to blame for issuing a recovery notice on that very day.
Reports said that the financial creditor had talked to district officials in Raigad a few months ago about taking over ND Studio.
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