Art director Nitin Desai as found dead at his N D Studio in Karjat. While the police is yet to share further details about the cause of his death, initial reports claim he died by alleged suicide. The police has arrived at the spot for further investigation. It is claimed that Nitin died by suicide but a suicide note has not been recovered so far.
“Today morning, Shri Nitin Desai’s body was found hanging in ND Studios. We are investigating all angles,” Somnath Gharge, SP, Raigad said. It is claimed that the art director was in financial distress and his studio wasn’t running well. However, there has been no confirmation of the same from the police.
According to a report carried in NDTV, the late art director had been facing financial difficulties, struggling to repay a ₹252-crore loan. A bankruptcy court had recently admitted an insolvency petition against his company, ND’s Art World Pvt Ltd. Reportedly, Desai’s financial troubles started in January 2020 after his company borrowed ₹185 crore through two loans from ECL Finance in 2016 and 2018.
ND’s Art World, according to the report, faced financial difficulties leading to a petition for corporate insolvency resolution. The National Company Law Tribunal appointed Jitender Kothari as the interim resolution professional, responsible for managing the company during the process, to ensure creditors receive their dues and handle day-to-day business operations. The company’s account was classified as a non-performing asset by creditors, with a total default amount of ₹252.48 crore as of June 30, 2022.
In response, Nitin Desai’s company cited a fire incident at the studio on May 7, 2021, leading to property loss. According to the same report, the financial creditor had sought district authorities in Raigad to take possession of ND Studio a few months back.
He won four National Awards in his career. These include for Dr. Babasaheb Ambedkar (1999), Hum Dil De Chuke Sanam (2000), Lagaan (2002) and Devdas (2003).
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