Nitin Desai’s company, ND’s Art World Pvt Ltd, borrowed 185 crore from ECL Finance in two loans in 2016 and 2018, and repayment issues began in January 2020.
ND’s Art World Pvt Ltd, Nitin Desai’s company, has borrowed 185 crore in two loans.
Nitin Chandrakant Desai, a well-known art director who was discovered dead at his studio in Maharashtra’s Raigad, had difficulty repaying a 252-crore debt, and a bankruptcy court had admitted an insolvency suit against his company last week.
Nitin Desai’s company, ND’s Art World Pvt Ltd, reportedly borrowed 185 crore from ECL Finance in two loans in 2016 and 2018. His financial problems started in January 2020.
Nitin Desai’s body was discovered at the ND Studio this morning. The cops believe he committed suicide.
The renowned art director, known for productions such as Lagaan and Devdas, had established the sprawling studio in the Khalapur taluka on Mumbai’s outskirts, where films such as Jodha Akbar were shot.
His company, ND’s Art World, also organizes, maintains, and operates historical monument replicas, as well as providing facilities and services linked to hotels, theme restaurants, shopping malls, and amusement centers.
On July 25, the Mumbai bench of the National Company Law Tribunal granted Edelweiss Asset Reconstruction Company’s plea to commence a corporate bankruptcy resolution process.
After hearing both parties, the tribunal’s Member (judicial) HV Subba Rao and Member (technical) Anu Jagmohan Singh designated Jitender Kothari as the temporary resolution professional.
The order said that the administration of ND’s Art World will stay with Kothari throughout the process.
Typically, the insolvency professional is responsible for ensuring that all creditors receive their dues through selling securities, as well as managing day-to-day corporate activities.
According to the decision, the creditors designated the account as a non-performing asset (NPA) on March 31, 2021, and the total default amount was 252.48 crore as of June 30, 2022.
Nitin Desai’s company stated in its response prior to the order that there was a fire at the studio on May 7, 2021, resulting in property loss, and accused the creditors for sending a recovery letter on the same day.
According to reports, the financial creditor petitioned Raigad district officials a few months back to take ownership of ND Studio.
