According to police sources, it is believed that art director Nitin Desai, whose body was found on Wednesday morning at his studio in Karjat, Raigad district, Maharashtra, took his own life due to financial difficulties”On July 25, the Mumbai bench of the National Company Law Tribunal (NCLT) passed a consequential order to commence the Corporate Insolvency Resolution Process (CIRP) against the enterprise of ND’s Art World Private Limited, the renowned art director Nitin Desai.” This is a big move.
Note: I have rephrased the content to ensure it is 100% unique while conveying the same information.As per the order, the bench also appointed Jitendra Kothari as the interim resolution professional to fulfill the steps mentioned under the Insolvency and Bankruptcy Code, 2016, against ND’s Art World Private Limited.
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In accordance with the directive from the National Company Law Tribunal (NCLT), CFM Asset Reconstruction Private Limited, a financial creditor, lodged a formal petition against ND’s Art World Private Limited, citing an outstanding debt of Rs. 252.48 crore that remained unresolved.”
Bollywood Art Director Nitin Desai’s Untimely Demise Linked to Financial Difficulties
The order stated that ND’s Art World had approached ECL Finance Limited (ECLFL) for a loan up to the maximum limit of Rs. 150 crore, and ECLFL sanctioned the loan in November 2016. It was also mentioned that in addition to the initial loan agreement, various security documents were executed by the borrowers, Nitin Desai, his wife Naina Desai, and KND Investments and Finance Private Limited, to secure the loan.
Later, in 2018, the company approached ECLFL again for a loan of Rs. 35 crore, and after the loan was approved, the corporate debtor (ND’s Art World) availed a benefit of Rs. 31 crore.
Thus, the total debt reached Rs. 181 crore. Due to irregular and delayed repayments of the original installments, ND’s Art World was classified as an SMA-2 account in the books of ECLFL as of March 30, 2020.
Special Mention Accounts (SMA) are classified according to the period involved. An account is categorized as SMA-1 when the overdue period is between 31 to 60 days, and as SMA-2 when the overdue period is between 61 to 90 days.
Mumbai: Notable art director Nitin Chandrakant Desai was having trouble paying back a debt of Rs. 252 crore when he was discovered dead in his studio in Raigad, Maharashtra.
Last week, a bankruptcy court accepted a bankruptcy petition against his company, ND’s Art World Private Limited.
Nitin Desai’s company, ND’s Art World Private Limited, reportedly borrowed Rs. 185 crore through two loans from ICL Finance in 2016 and 2018. His financial troubles began in January 2020.
Today, Nitin Desai’s body was found in his ND Studio premises. The police suspect it to be a case of suicide.
The renowned art director, known for projects like Lagaan and Devdas, had opened a massive studio in the outskirts of Mumbai in Khalapur Taluka, where films like Jodha Akbar were shot.
His company, ND’s Art World, is also involved in the business of managing historical monuments, creating replicas, running hotels, theme restaurants, shopping malls, and entertainment centers.
On July 25th, the Mumbai bench of the National Company Law Tribunal accepted a bankruptcy petition filed by Adlwise Asset Reconstruction Company to initiate the Corporate Insolvency Resolution Process (CIRP).
Jitendra Kothari Appointed as Interim Resolution Professional by NCLT
The tribunal members, Justice HV Subba Rao and Technical Member Anu Jagmohan Singh, appointed Jitendra Kothari as the interim resolution professional after hearing both sides.
The order states that during the process, the management of ND’s Art World will remain under Kothari.
In usual circumstances, a resolution professional must ensure that all creditors are paid off by selling assets and managing day-to-day business operations.
According to the order, the account was categorized by the creditors as a non-performing asset (NPA) on March 31, 2021, and up until June 30, 2022, the total amount in default was Rs. 252.48 crore.
In their response before the order, Nitin Desai’s company stated that on May 7, 2021, a fire broke out in the studio, resulting in property damage, and on the same day, creditors were accused of sending recovery notices.
Reports indicate that the financial creditor had contacted district officials in Raigad a few months ago to take possession of ND’s Studio.”
Note: I have translated the content while maintaining a human-friendly tone and rephrasing it to be uni”Mumbai: Renowned art director Nitin Chandrakant Desai, who was found dead in his studio in Raigad, Maharashtra, was facing difficulties in repaying a debt of Rs. 252 crore. Last week, a bankruptcy court accepted a bankruptcy petition against his company, ND’s Art World Private Limited.
Nitin Desai’s company, ND’s Art World Private Limited, reportedly borrowed Rs. 185 crore through two loans from ICL Finance in 2016 and 2018. His financial troubles began in January 2020.
Today, Nitin Desai’s body was found in his ND Studio premises. The police suspect it to be a case of suicide.
The renowned art director, known for projects like Lagaan and Devdas, had opened a massive studio in the outskirts of Mumbai in Khalapur Taluka, where films like Jodha Akbar were shot.
His company, ND’s Art World, is also involved in the business of managing historical monuments, creating replicas, running hotels, theme restaurants, shopping malls, and entertainment centers.
On July 25th, the Mumbai bench of the National Company Law Tribunal accepted a bankruptcy petition filed by Adlwise Asset Reconstruction Company to initiate the Corporate Insolvency Resolution Process (CIRP).
The tribunal members, Justice HV Subba Rao and Technical Member Anu Jagmohan Singh, appointed Jitendra Kothari as the interim resolution professional after hearing both sides.
The order states that during the process, the management of ND’s Art World will remain under Kothari.
In usual circumstances, a resolution professional must ensure that all creditors are paid off by selling assets and managing day-to-day business operations.
According to the order, the account was categorized by the creditors as a non-performing asset (NPA) on March 31, 2021, and up until June 30, 2022, the total amount in default was Rs. 252.48 crore.
In their response before the order, Nitin Desai’s company stated that on May 7, 2021, a fire broke out in the studio, resulting in property damage, and on the same day, creditors were accused of sending recovery notices.
Reports indicate that the financial creditor had contacted district officials in Raigad a few months ago to take possession of ND’s Studio.”
Note: I have translated the content while maintaining a human-friendly tone and rephrasing it que.
More About Art Director Nitin Desai
Nitin Chandrakant Desai was a highly acclaimed Indian artist and creative genius who made significant contributions as an art director, production designer, and film and television producer. His exceptional talent was prominently displayed in Marathi and Hindi films, leaving an indelible mark on the entertainment industry. Notable among his remarkable works were the World Cultural Festival 2016 held in Delhi, and his art direction in renowned films like “Hum Dil De Chuke Sanam,” “Lagaan,” “Devdas,” “Jodhaa Akbar,” and “Prem Ratan Dhan Payo.”
Hailing from Mulund Railway Station in Mumbai, Nitin Chandrakant Desai’s artistic brilliance enriched numerous productions. His unique vision and creativity in art direction brought life to iconic movies like “Jodhaa Akbar,” “Devdas,” “Hum Dil De Chuke Sanam,” and many others. His talent also extended to production design, and his touch was evident in films such as “Lagaan” and “Jodhaa Akbar.”
In recognition of his exceptional work, Nitin received accolades, including the prestigious Filmfare Award for Best Art Direction. His dedication to his craft and outstanding contributions earned him respect and admiration from both peers and audiences alike.
Sadly, Nitin Chandrakant Desai’s journey came to an end on August 2, 2023, in Karjat. His artistic legacy and impact on the film industry will forever be remembered and cherished.
Apart from his illustrious career, Nitin shared a special bond with his sibling, Neetu Chandra, who must feel pride in the remarkable achievements and the immense talent of her late brother.
RIP Bollywood Art Director Sir
So Said Sir Loved Your Direct Movie Prem Ratan Dhan Payo
Rip Sir