Nitin Desai’s Death Linked to Rs 252 Cr Loan Default? Here’s What We Know

Home LeisureArt Director Nitin Desai’s Death Linked to Rs 252 Crore Loan Default? Here’s What We Know

Nitin Desai Death: He had confronted monetary difficulties, together with a default on a Rs 252 crore mortgage. Read the whole story.

Art Director Nitin Desai’s Death Linked to Rs 252 Crore Loan Default Here’s What We Know

Nitin Desai Death News: Renowned artwork director and manufacturing designer Nitin Chandrakant Desai handed away at present on the age of 57. Desai was discovered hanging in a case of a suspected suicide at his ND Studios in Karjat. According to an HT report, it has been revealed that Nitin Desai had confronted monetary difficulties, together with a default on a Rs 252 crore mortgage to a monetary creditor. Last week, a chapter courtroom admitted an insolvency petition towards his firm.

In 2016 and 2018, ND’s Art World Pvt Ltd, an organization owned by Nitin Desai, obtained two loans totaling Rs 185 crore from ECL Finance. However, ranging from January 2020, the corporate encountered monetary difficulties and struggled to repay the loans. Vinod Tawde, a BJP common secretary, and a detailed pal of Desai, shared his perspective with Hindustan Times. He revealed that he had been actively offering help and counsel to Desai throughout this difficult time.

Tawde recounted how he had referenced the inspiring story of Amitabh Bachchan, who confronted vital losses however managed to make a profitable comeback in life. He reassured Nitin Desai that even when his studio had been to be connected as a result of mortgage points, there would nonetheless be alternatives to begin afresh. Despite these efforts, the scenario took a tragic flip, and Nitin Desai died.

ND’s Art World Pvt Ltd specialised in organizing, sustaining, and working replicas of historic monuments, along with offering varied services and providers associated to accommodations, theme eating places, procuring malls, and recreation facilities.

When the portal requested filmmaker Madhur Bhandarkar if he ever sensed the late director was going by way of a monetary crunch on the marriage ceremony that he hosted a number of months in the past of his daughter. He stated, “No, nothing, it was normal. The wedding was really lavish. He was acting just like how a father whose daughter is getting married would act — he was happy and over the moon. Everything seemed perfect”.

Bollywood Celebs Mourn The Desmise of Nitin Desai

Condoling the demise of Desai, Vivek Ranjan Agnihotri wrote in a social media publish: “I am heartbroken and sad beyond control to learn about my dearest friend Nitin Desai’s death. A legendary Production designer, a visionary who made ND Studio… Nitin not only loved Pallavi and I, he always guided me even in films we didn’t do together. Why Nitin, why? Some of Nitin’s films: Salaam Bombay, 1942 A Love Story, Khamoshi, Kama Sutra, Hum Dil De Chuke Sanam, Mission Kashmir, Lagaan, Devdas, The Legend Of Bhagat Singh, Munnabhai MBBS, Swades, Mangal Pandey, Slumdog Millionaire, Jodhaa Akbar..Now you know why he was a legend,” added Vivek.

Kangana Ranaut took to Instagram Stories and wrote, “Such a terrible news!! Beyond shocked..pained beyond words..Om Shanti.”

Sanjay Dutt tweeted, “Deeply saddened to hear about the passing of Nitin Desai. A brilliant art director and a good friend, his contribution to Indian cinema has been monumental. My thoughts are with his family and friends during this difficult time.”

Madhur Bhandarkar stated: “Just heard the devastating news about the passing of multiple National award-winner Art Director Nitin Desai. It’s hard to believe. Had the privilege of working with him on four remarkable films. #TrafficSignal, #fashion, #jail & #InduSarkar His immense talent and extrovert personality made every project unforgettable. Indian cinema has lost a true gem. Heartfelt condolences to his family members. We will miss you Dada. #OmShanti.”

Actor Riteish Deshmukh stated in a tweet, “Deeply shocked to know that #NitinDesai, a legendary Production Designer who has contributed immensely to the growth of Indian cinema in no more. My heartfelt condolences to his family and loved ones. I had known him for years.. soft spoken, humble, ambitious & a visionary… you will be missed my friend. Om Shanti.”

Parineeti wrote, “Heartbreaking to hear about Nitin sir. #NitinDesai. His groundbreaking work, wisdom and artistry will be remembered forever. Rest in peace sir.”

Neil Nitin Mukesh stated, “Cannot accept the heartbreaking news. Our beloved #nitindesai has left for his heavenly abode He was simply a genius. A visionary artist with grace,style who understood not just his craft but people. He was a positive soul who spread only love to all. My God give his family strength Om Shanti.”

Among the top-rung artwork administrators of Bollywood, the Dapoli (Ratnagiri) born Desai was the artwork director for main movies like ‘Devdas’, ‘Lagaan’, ‘Jodha Akbar’, ‘Harishchandrachi Factory’, ‘Hum Dil De Chuke Sanam’, and so on.

He has received the National Film Award for Best Art Direction 4 instances, and Filmfare Best Art Direction Award 3 times. In 2005, he opened his ND Studios in Karjat, close to Mumbai, which has since hosted films like ‘Jodha Akbar’, ‘Traffic Signal’ as additionally Color’s actuality present ‘Big Boss’.

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