Nitin Desai was ready to repay the loan amount all at the time. But despite his meetings with Edelweiss company, he was not giving the answer whether he would be able to pay or not. The family has also alleged that the Edelweiss Company wasted time in such meetings waiting for interest on the loan amount and when the interest became excessive, they moved to NCLT court.
Nitin Desai was upset after the NCLT court order against him. Accusing the company of repeatedly pretending to talk, the family said the company only harassed them without ever trying to find a solution. Jitendra Kothari was appointed by the NCLT Court as the Insolvency Professional in this case. But it is alleged that Kothari along with the other accused hatched this conspiracy.
Moreover, Nitin Desai too said in the audio clip, that, "Rashesh Shah is a sweet talker. He swallowed my hard-built studio for small-scale entrepreneurs. Called 100 times but no response. Harassed me by 138, EOW, NCLT DRT. I Had two-three investors ready to invest. But he pressured me by charging me double- thrice the price. He pressured me in different ways to achieve his interests and didn't accept what I offered Smit Shah, Keyur Mehta, and RK Bansal encircled me in one way or the other by taking over my studio, threatening me with money, forcing me to sell my golden office, killing a Marathi artist. It is going. Somehow, by creating a conspiracy, I was finished, being forced without being in my mind.
But, Edelweiss has now given a statement and has clarified the case. Edelweiss ARC is deeply saddened by the demise of Shri Nitin Desai under tragic circumstances. To clarify some misgivings, we would like to state that Shri Nitin Desai’s company was extended financial assistance in 2016 and 2018 for setting up a theme park and working capital. The company encountered financial difficulties since 2020 and various attempts to improve the financial situation of the company did not bear fruit. The company was eventually referred to NCLT in 2022 and admitted to NCLT in July 2023.
Edelweiss ARC followed all legal processes as mandated by RBI and has not acted in any manner outside of the legal framework. Neither was the interest rate charged excessive nor was there at any time undue pressure being put on the borrower for recovery. We followed our own detailed procedures through established legal channels at great expense and time to us.
We respect the need for the authorities to inquire into such tragic events and will cooperate fully with the inquiry process. We are confident that they will also conclude that we have acted lawfully.
Shri Nitin Desai’s death is a big loss to the Indian film industry and the Art world that no words can express. We pray for his soul and offer our heartfelt condolences to his family and the staff of ND Arts.
