Renowned film art director Nitin Desai was discovered hanging at his ND Studios in Maharashtra’s Raigad district on Wednesday. While authorities are investigating the case, it has been disclosed that no suicide note was found. However, an audio recording was discovered, which is currently being examined by the forensic team. Desai’s company had recently defaulted on a Rs 250-crore loan, leading to an insolvency petition being filed against it in a bankruptcy court. The director’s financial troubles were evident.
Nitin Desai’s Debt Troubles
ND’s Art World Pvt Ltd, Desai’s company, had borrowed Rs 180 crore through loans from CFM in 2016 and 2018. Difficulties with repayment began in January 2020, leading Desai to mortgage 42 acres of land. Subsequently, CFM assigned all loan accounts to Edelweiss Asset Reconstruction Company, but the loan remained unpaid. As a result, Edelweiss sought permission to initiate action under the SARFAESI Act to recover the debt by seizing the mortgaged land. This proposal, made in September of last year, is still pending. Desai was in dire financial straits and had even discussed the matter with Khalapur MLA Mahesh Baldi recently.
Sources indicate that Edelweiss was planning to auction ND Studio to recover the debt. Fifteen years ago, Reliance purchased a 50% stake in ND Studio, but the company itself fell into debt, leading to the demise of ND as a world-class studio.
Nitin Desai’s Web Series Project
About a month and a half ago, Nitin Desai was highly enthusiastic about his web series ‘Maharana Pratap’. He conducted a look test for the lead star, Gurmeet Choudhary. The 30-episode series was intended to be aired on Disney Hotstar.
ALSO READ: Nitin Desai: A Closer Look at the Renowned Art Director’s Works, Awards, and Collaborations
About Nitin Desai
Nitin Desai began his career as an art director in 1989 with the film ‘Parinda’ and went on to work on numerous other projects. Some notable works include ‘1942: A Love Story’ (1993), ‘Khamoshi: The Musical’ (1995), ‘Pyaar To Hona Hi Tha’ (1998), ‘Hum Dil De Chuke Sanam’ (1999), ‘Mission Kashmir’ (2000), ‘Raju Chacha’ (2000), ‘Devdas’ (2002), ‘Munnabhai MBBS’ (2003), ‘Jodhaa Akbar’ (2008), ‘Dostana’ (2008), ‘Once Upon a Time in Mumbai’ (2010), and ‘Prem Ratan Dhan Payo’ (2015), among others.
ALSO READ: Nitin Desai, Renowned Art Director of Films Like Lagaan and Jodhaa Akbar, Dies by Suicide at ND Studio
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
