Mumbai: Noted art director Nitin Chandrakant Desai, who was found dead at his studio in Maharashtra's Raigad, had trouble paying back a ₹ 252-crore loan, and a bankruptcy court had admitted an insolvency petition against his company last week. Nitin Desai's company, ND's Art World Pvt Ltd, had reportedly borrowed ₹ 185 crore through two loans from ECL Finance in 2016 and 2018. His company ND's Art World is also in the business of organising, maintaining, and operating replicas of historical monuments and providing facilities and services related to hotels, theme restaurants, shopping malls and recreation centres. The management of ND's Art World would be with Kothari during the process, the order had said. Reports suggested the financial creditor had approached district authorities in Raigad to take possession of ND Studio a few months ago.

Source: Daily Sun August 02, 2023 11:49 UTC