The Bollywood film industry mourns the loss of celebrated art director Nitin Chandrakant Desai, who was tragically found dead at his studio in Raigad, Maharashtra. The 74-year-old artist had been grappling with financial woes, resulting from a staggering Rs 252-crore loan default, leading to the admission of an insolvency petition against his company, ND’s Art World Pvt Ltd.
Desai, known for his exceptional work in art direction, faced financial troubles starting in January 2020. His company had reportedly borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018, and the sprawling ND Studio in the outskirts of Mumbai was one of his notable ventures.
ND’s Art World Pvt Ltd, not just an art direction company, was also involved in managing replicas of historical monuments and offering services related to hotels, theme restaurants, shopping malls, and recreation centers.
On July 25, the Mumbai bench of the National Company Law Tribunal admitted a petition for corporate insolvency resolution against Nitin Desai’s company. The tribunal appointed Jitender Kothari as the interim resolution professional, entrusted with ensuring that creditors receive their dues through asset sales and overseeing daily business operations.
The total default amount reached a staggering Rs 252.48 crore as of June 30, 2022, after creditors classified the account as a non-performing asset. In response, ND’s Art World cited a fire incident at the studio on May 7, 2021, as the reason for property loss and expressed dissatisfaction with the issuance of a recovery notice on the same day.
As the Bollywood community grieves the loss of this talented artist, the film fraternity also reflects on the importance of supporting and addressing financial challenges faced by artists and professionals in the industry.