Submitted By: Naina On August 03, 2023 06:08 AM IST
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Nitin Chandrakant Desai is one of the most famous Art Directors of the industry.
He was found dead at his studio in Maharashtra's Raigad district.
However, behind the scenes, financial troubles seemed to have plagued his company, ND's Art World Pvt Ltd.
Records show that Nitin's company had taken loans amounting to ₹185 crore from ECL Finance in 2016 and 2018.
Unfortunately, starting from January 2020, the company faced difficulties in repaying these loans, leading to default on the ₹252-crore loan to the financial creditor.
The situation escalated, and last week, a bankruptcy court admitted an insolvency petition against ND's Art World Pvt Ltd.
The company attributed some of its financial woes to a fire incident at the studio on May 7, 2021, which resulted in the loss of property.
However, creditors had sent a recovery notice on the same day, adding to the complexities.
The financial creditor had previously approached district authorities in Raigad to take possession of ND Studio.
The circumstances surrounding Nitin's death have brought his company's financial challenges to the forefront, raising concerns about the financial health of the film industry and the need for support during tough times.
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