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National award-winning art director Nitin Chandrakant Desai, 57, was found dead in a suspected case of suicide over debt burden at his studio in Karjat in Maharashtra Wednesday morning, said the police.
Desai’s suspected suicide followed the Mumbai bench of the National Company Law Tribunal (NCLT) last week admitting a petition filed by Edelweiss Asset Reconstruction Company to initiate a corporate insolvency resolution process against Desai’s company ND’s Art World Private Limited.
NCLT members (judicial) H V Subba Rao and member (technical) Anu Jagmohan Singh passed an order stating, “Initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against ND’s Art World Private Limited. This Bench hereby appoints Mr. Jitender Kothari… as the interim resolution professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016.”
The Management of ND’s Art World will vest in Kothari during the process, the order said. It also said on March 31, 2021, Desai’s account was classified as a non-performing asset (NPA) by the creditors, and the total default amount was Rs 252.48 crore as on June 30, 2022.
Raigad Superintendent of Police P Somnath Gharge said the police are investigating the matter from all angles.
Desai, who hailed from Dapoli, worked as an art director and production designer for several Marathi and Hindi films. Hum Dil De Chuke Sanam (1999), Lagaan (2001), Devdas (2002), Jodhaa Akbar (2008) and Prem Ratan Dhan Payo (2015) are some of the major films he was part of. He was also involved with the World Cultural Festival in Delhi in 2016.
Desai won National Film Awards four times and Filmfare Awards three times for art direction. In 2005, he opened his ND Studios spread over 52 acres at Karjat, Navi Mumbai, which has since hosted movies like Jodhaa Akbar (2008), Traffic Signal (2007) and Colors TV’s reality show ‘Big Boss’.
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