Renowned art director Nitin Desai was found dead at the ND Studio in Karjat on Wednesday. Initial investigation in the matter suggested that he died by suicide. However, shortly after his demise, it was found that Desai tragically faced financial stress that may have led to a drastic step. At the age of 58, Desai was found dead at his Raigad studio, where he grappled with financial difficulties, including a defaulted loan of Rs 252 crore to its financial creditor.
According to reports, last week, a bankruptcy court admitted an insolvency petition against his company, ND’s Art World Pvt Ltd. In 2016 and 2018, Desai’s company borrowed Rs 185 crore in the form of two loans from ECL Finance. The art director encountered repayment problems from January 2020, even before the COVID-19 induced lockdown commenced.
The Mumbai bench of the National Company Law Tribunal (NCLT) admitted a petition to initiate a corporate insolvency resolution process, filed by Edelweiss Asset Reconstruction Company. Jitender Kothari was appointed as the interim resolution professional to handle the matter.
The account was classified as a non-performing asset by creditors on March 31, 2021, with the total default amount reaching Rs 252.48 crore as of June 30, 2022. In response to the order, Desai’s company cited a fire incident at the studio on May 7, 2021, as a cause of property loss and blamed the creditors for sending a recovery notice on the same day.
Early morning today, Desai’s lifeless body was discovered at the ND Studio premises, with initial police observations pointing to a possible suicide. However, no suicide note was recovered during the investigation.
Desai’s aide, Kaka, confirmed to Times Now that the art director was indeed facing financial duress as he had loans to repay. Kaka mentioned that Desai had returned from a two-day trip to Delhi and was visibly disturbed due to the financial crisis.