Nitin Desai death: Noted art director was under loan debt of Rs 252 crore; check shocking details

It was a darkish day for Bollywood right this moment. We have seen so many huge stars passing away prior to now few years. It has been fairly heartbreaking to see some huge stars leaving. Today we misplaced one other gem from the business. Ace artwork director, Nitin Chandrakant Desai died by suicide right this moment. He was discovered lifeless at Karjat’s ND studios. Also Read – Nitin Desai dying: Kangana Ranaut, Vivek Agnihotri, Riteish Deshmukh and extra Bollywood celebs mourn the tragic demise

Now, new particulars in regards to the artwork director’s demise have come out. He had defaulted on a ₹252-crore mortgage to its monetary creditor. In final week, a chapter courtroom had admitted an insolvency petition in opposition to his firm. His firm, ND’s Art World Pvt Ltd had taken 185 crores mortgage from ECL Finance in 2016 and 2018. Also Read – Nitin Desai dies by suicide, 58 12 months previous famend artwork director discovered lifeless at ND Studios, Karjat

Issues began from January 2020. Nitin Desai’s shut buddy and BJP basic secretary, Vinod Tawde spoke to Hindustan Times in regards to the artwork director. He stated that he used to counsel Nitin Desai and would inform him how Amitabh Bachchan had confronted immense losses and would stand robust once more. Also Read – Why does Rajeev Khandelwal contemplate being within the business an countless marathon?

He additional talked about that he had requested the artwork director to start out contemporary. He additionally shared that he had spoken to Nitin Desai simply someday earlier than. Mumbai bench of the National Company Law Tribunal ordered initiation of Corporate Insolvency Resolution Process (CIRP) in opposition to Nitin Desai’s firm on July 25. Jitender Kothari was appointed because the interim decision skilled to hold out the steps talked about underneath the Insolvency & Bankruptcy Code, 2016.

As per NCLT order, the petition was initially filed by monetary creditor CFM Asset Reconstruction Private Limited in opposition to Nitin Desai’s firm for unresolved debt totalling Rs 252.48 crore. Later, the debt was assigned to M/s Edelweiss Asset Reconstruction Company Limited in 2020.

Post the orders, Nitin Desai’s firm had stated that there was a fireplace incident on the studio on May 7, 2021 which led to a loss at their property. In return, they blamed the collectors for sending a restoration discover on the identical day.

As per studies, the monetary creditor had approached district authorities in Raigad to take possession of ND Studio just a few months in the past.

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