Late Nitin Desai was facing financial distress, reportedly defaulted on Rs 252 cr loan
Desai's company, ND's Art World Pvt Ltd, had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018, and troubles with repayments started from January 2020, according to a report.
- Aug 2, 2023,
- Updated Aug 2, 2023 4:06 PM IST
Noted art director Nitin Chandrakant Desai, who was found dead on Wednesday at his studio in Maharashtra's Raigad district, was reportedly facing financial stress which may have led to him take his own life. Local MLA from Karjat, Mahesh Baldi of the BJP, confirmed that Nitin Desai died by suicide due to financial crisis.
The 58-year-old had defaulted on a Rs 252-crore loan to its financial creditor, and a bankruptcy court had admitted an insolvency petition against his company last week, news agency PTI reported.
Desai's company, ND's Art World Pvt Ltd, had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018, and troubles with repayments started from January 2020, right before the Corona-induced lockdown began, the report further revealed.
The National Company Law Tribunal (NCLT), had, on July 25 admitted a petition filed by Edelweiss Asset Reconstruction Company to initiate a corporate insolvency resolution process. According to the order passed by NCLT's Member (judicial) H V Subba Rao and member (technical) Anu Jagmohan Singh after hearing both the sides, Jitender Kothari was appointed as the interim resolution professional.
The order had said that on March 31, 2021, the account was classified as a non-performing asset by the creditors, and the total default amount was Rs 252.48 crore as on June 30, 2022.
In its reply before the passing of the order, Desai's company had said that there was a fire incident at the studio on May 7, 2021 which resulted in loss of property and blamed the creditors for sending a recovery notice on the same day.
Nitin Desai is known for designing lavish sets for some of the blockbuster films such as 'Hum Dil De Chuke Sanam', 'Devdas', 'Jodha Akbar', and 'Lagaan', among others.
Hearing the news of his demise, several film personalities took to X (formerly Twitter) and paid tribute to the renowned art director.
"Deeply shocked to know that #NitinDesai, a legendary Production Designer who has contributed immensely to the growth of Indian cinema in no more. My heartfelt condolences to his family and loved ones. I had known him for years.. soft spoken, humble, ambitious & a visionary… you will be missed my friend. Om Shanti," actor Riteish Deshmukh, said in a post.
Parineeti Chopra said, "Heartbreaking to hear about Nitin sir. #NitinDesai. His groundbreaking work, wisdom and artistry will be remembered forever. Rest in peace sir."
Also Read: Nitin Desai, art director known for ‘Lagaan’, ‘Hum Dil De Chuke Sanam’, found dead in studio
Noted art director Nitin Chandrakant Desai, who was found dead on Wednesday at his studio in Maharashtra's Raigad district, was reportedly facing financial stress which may have led to him take his own life. Local MLA from Karjat, Mahesh Baldi of the BJP, confirmed that Nitin Desai died by suicide due to financial crisis.
The 58-year-old had defaulted on a Rs 252-crore loan to its financial creditor, and a bankruptcy court had admitted an insolvency petition against his company last week, news agency PTI reported.
Desai's company, ND's Art World Pvt Ltd, had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018, and troubles with repayments started from January 2020, right before the Corona-induced lockdown began, the report further revealed.
The National Company Law Tribunal (NCLT), had, on July 25 admitted a petition filed by Edelweiss Asset Reconstruction Company to initiate a corporate insolvency resolution process. According to the order passed by NCLT's Member (judicial) H V Subba Rao and member (technical) Anu Jagmohan Singh after hearing both the sides, Jitender Kothari was appointed as the interim resolution professional.
The order had said that on March 31, 2021, the account was classified as a non-performing asset by the creditors, and the total default amount was Rs 252.48 crore as on June 30, 2022.
In its reply before the passing of the order, Desai's company had said that there was a fire incident at the studio on May 7, 2021 which resulted in loss of property and blamed the creditors for sending a recovery notice on the same day.
Nitin Desai is known for designing lavish sets for some of the blockbuster films such as 'Hum Dil De Chuke Sanam', 'Devdas', 'Jodha Akbar', and 'Lagaan', among others.
Hearing the news of his demise, several film personalities took to X (formerly Twitter) and paid tribute to the renowned art director.
"Deeply shocked to know that #NitinDesai, a legendary Production Designer who has contributed immensely to the growth of Indian cinema in no more. My heartfelt condolences to his family and loved ones. I had known him for years.. soft spoken, humble, ambitious & a visionary… you will be missed my friend. Om Shanti," actor Riteish Deshmukh, said in a post.
Parineeti Chopra said, "Heartbreaking to hear about Nitin sir. #NitinDesai. His groundbreaking work, wisdom and artistry will be remembered forever. Rest in peace sir."
Also Read: Nitin Desai, art director known for ‘Lagaan’, ‘Hum Dil De Chuke Sanam’, found dead in studio