Art director Nitin Desai had debt of over Rs 250 crore

Bollywood art director Nitin Chandrakant Desai, who was found dead in a case of suspected suicide on Wednesday, was reeling under a financial crisis with accumulated debts of over Rs 250 crore and insolvency proceedings initiated against him only last week.

Independent MLA Mahesh Baldi of Uran (Raigad) in whose constituency Nitin’s ‘ND Art World Pvt Ltd’ was sprawled over 52 acre, confirmed to media persons that the creative genius was bogged down with financial issues since past four-five years, which may have triggered his suicide.

The National Company Law Tribunal (NCLT) Mumbai had ordered initiating Corporate Insolvency Resolution Process (CIRP) against Nitin’s company, and appointed Jitender Kothari as an Interim Resolution professional, in the plea filed by the creditors CFM Asset Reconstruction Pvt. Ltd for the debts of a little over Rs 250 crore.

In 2016, Nitin, his wife Naina and their firm had availed a loan of Rs 150 crore from ECL Finance Ltd, and then in 2018, they took another Rs 31 crore, totalling Rs 181 crore.

Around 2019, the financial troubles had begun and owing to a series of irregular or delayed repayments of the principal amount, in March 2020, the loan came under a watch, and by March 2021, it was declared as a non-performing asset. By June 2022, the total outstanding amount had accumulated to a staggering Rs 252 crore following which the insolvency proceedings were initiated in end-July.

The art director had cited the Covid-19 pandemic lockdowns, lack of shootings at the studio and a major fire on the premises as among the reasons for the crises, but was optimistic of emerging from these soon, even as several of his political friends across parties attempted to boost his morale.

On Wednesday morning the glamour and entertainment industry were plunged into a shock after learning of Nitin’s sudden demise and tributes poured in from various quarters. Among them are Governor Ramesh Bais, Chief Minister Eknath Shinde, Deputy CMs Devendra Fadnavis and Ajit Pawar, Congress’s Nana Patole, Nationalist Congress Party President Sharad Pawar, many other leaders from different parties, top Bollywood personalities and others.



from Cinemaexpress - News - https://ift.tt/Hkx1g9G https://ift.tt/EcfyTHd
via CINEXP1

Post a Comment

Previous Post Next Post