Stressed by Rs 252 Cr Loan Default, Art Director Nitin Desai Killed Himself

Mumbai: Famous art director of Bollywood Nitin Chandrakant Desai, who was found hanging at his studio in Maharashtra’s Raigad district, had defaulted on a Rs 252-crore loan. A week back a bankruptcy court had admitted an insolvency petition against his company, ND’s Art World Pvt Ltd.

It is suspected that mental stress because of this loan default may be the reason behind his possible suicide.

He borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018.

In his studio on the outskirts of Mumbai, extravagant films like Jodha Akbar were shot.

On July 25, the Mumbai bench of the National Company Law Tribunal had admitted a petition filed by Edelweiss Asset Reconstruction Company to initiate a corporate insolvency resolution process.

The order had said that on March 31, 2021 the account was classified as a non-performing asset (NPA) by the creditors, and the total default amount was Rs 252.48 crore as on June 30, 2022.

As per a report in local media, a few months back the financial creditor had approached the Raigad district authorities to take possession of ND Studio.