Famous art director Nitin Chandrakant Desai, who was discovered dead at his studio in Raigad, Maharashtra, had problems repaying a loan of $252 million, and a bankruptcy court had just last week approved an insolvency suit against his business.
According to reports, Nitin Desai’s business, ND’s Art World Pvt Ltd, borrowed 185 crore rupees through two loans from ECL Finance in 2016 and 2018. His money problems started in January 2020.
The expansive studio, where films like Jodha Akbar were shot, had been opened by the renowned art director, who was famed for works like Lagaan and Devdas.
His company, ND’s Art World, also organises, maintains, and runs replicas of historical sites in addition to offering amenities and services for hotels, theme eateries, shopping complexes, and recreation facilities.
The National Company Law Tribunal’s Mumbai bench had accepted a petition submitted by Edelweiss Asset Reconstruction Company on July 25 to start a corporate insolvency resolution process.