Notable art-director Nitin Desai, whose works in films like ‘Hum Dil De Chuke Sanam’ (1999), ‘Lagaan’ (2001), ‘The Legend Of Bhagat Singh’ (2002), ‘Devdas’ (2002), ‘Jodhaa Akbar’ (2008), Prem Ratan Dhan Payo (2015), etc., are unforgettable, breathed his last today on August 2, 2023 at the age of 57. Desai had also designed sets for many Hindi TV shows such as Amitabh Bachchan’s ‘Kaun Banega Crorepati’.
It has been reported that the art director committed suicide. He was found dead at his sprawling ND Studio in Karjat near Mumbai. The police believe that he ended his life as he was facing a tough time to pay off a loan amounting to Rs. 252 Crore.
According to sources, Nitin Desai’s company, ND’s Art World Pvt. Ltd. had borrowed Rs. 185 Crore through two loans from ECL Finance in 2016 and 2018, respectively. The trouble in paying off the money began in early 2020. This year on July 25, the NCLT (National Company Law Tribunal), Mumbai bench passed a judgement initiating the Corporate Insolvency Resolution Process (CIRP) against Desai’s company.
In the order, it was said that Jitendra Kothari was appointed to carry out the procedure. According to NCLT, the petition was filed by CFM Asset Reconstruction Private Limited. The order had said in 2021 that 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.
According to a few media outlets, the creditors had already taken possession of ND Studio a few months ago.
