The news of the demise of Nitin Desai came across as a shock to the entertainment industry, who are still mourning the loss of the National Award-winning art director. However, soon reports were abuzz about the massive loan that his company ND Arts was accused of borrowing from the popular finance company Edelweiss ARC. As per reports, the company has released a statement after the recent incident, wherein they have assured full cooperation in the ongoing case.
According to current reports, a Mumbai bench was appointed by the National Company Law Tribunal (NCLT) wherein an order has been issued to initiate the Corporate Insolvency Resolution Process and to proceed with the procedure as mentioned in the Insolvency and Bankruptcy Code 2016. After the ND Art’s appeal against the same was dismissed on August 1, in a statement it was being said that the account has been a defaulter since January 2020. Reports suggest that ND Arts had taken a loan worth Rs. 150 crores in November 2016 and once again in February 2018, of Rs. 35 crores from the finance major.
While the total loan amounted to be Rs. 252 crores, Edelweiss ARC has issued a statement expressing their condolences but at the same, pledging complete support in the ongoing case regarding the loan. In their statement, they have asserted to the bench that they will be cooperating with the authorities and have assured them about maintaining transparency and adhering to all the legal process.
For the unversed, Nitin Desai died by suicide after hanging himself at his ND Studios in Karjat. The popular art director has won three Filmfare Awards and four National Awards and has worked with some of the biggest names in the Bollywood industry like Sanjay Leela Bhansali, Ashutosh Gowariker, among others. He is known for his work in Hindi films like Jodhaa Akbar, Hum Dil De Chuke Sanam, Lagaan, Devdas, among others
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