In a tragic incident that has despatched shockwaves via the movie business, famous artwork director Nitin Chandrakant Desai was discovered useless at his studio in Raigad, Maharashtra. The 74-year-old artist had been dealing with monetary woes, struggling to repay a staggering Rs 252-crore mortgage, resulting in a chapter court docket admitting an insolvency petition in opposition to his firm, ND’s Artwork World Pvt Ltd, in response to a report by PTI.

Late artwork director Nitin Desai defaulted on Rs 252 crore mortgage: Report

Desai’s monetary troubles started in January 2020, and his firm had reportedly borrowed Rs 185 crore via two loans from ECL Finance in 2016 and 2018. The sprawling ND Studio was certainly one of his notable ventures within the Khalapur taluka on the outskirts of Mumbai.

ND’s Artwork World Pvt Ltd was not simply an artwork route firm however was additionally concerned in organising, sustaining, and working replicas of historic monuments, in addition to offering amenities and companies associated to lodges, theme eating places, procuring malls, and recreation centres.

On July 25, the Mumbai bench of the Nationwide Firm Regulation Tribunal admitted a petition filed by Edelweiss Asset Reconstruction Firm to provoke a company insolvency decision course of in opposition to Nitin Desai’s firm. The tribunal appointed Jitender Kothari because the interim decision skilled, with the accountability of making certain that collectors obtain their dues by promoting securities and overseeing the day-to-day enterprise operations.

The collectors had reportedly categorised the account as a non-performing asset (NPA) on March 31, 2021, and the overall default quantity reached Rs 252.48 crore as of June 30, 2022. In its reply, ND’s Artwork World reportedly cited a hearth on the studio on Might 7, 2021, as the explanation for property loss and expressed dissatisfaction with collectors for issuing a restoration discover on the identical day.

Additionally Learn: Nitin Desai demise: Hansal Mehta recollects “scary time” when the cycle of debt led him to “very darkish place”; expresses grief


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