In the audio clips seized from art director Nitin Desai’s studio, where he was found dead on Wednesday (August 02), he is purportedly heard requesting the government to ensure his ND studio is not seized, further blaming the finance company Edelweiss ARC for his suicide. In the audio clip, he revealed how he got into trouble because of the abovementioned company and had to face mental problems.
According to police, Desai has blamed the company in connection with Rs 252-crore debt that he was facing. Regarding this development, The NCLT's Mumbai bench, in its judgement, ordered an 'initiation of Corporate Insolvency Resolution Process' against Nitin Desai's company, ND's Art World Private Limited, on July 25, 2023.
Statement from Edelweiss ARC:
“We are deeply saddened by the demise of Shri Nitin Desai and express our deepest condolences to his family as they navigate through this difficult time. Regarding this development, the NCLT's Mumbai bench, in its judgement, ordered an 'initiation of Corporate Insolvency Resolution Process' against Nitin Desai's company, ND's Art World Private Limited, on July 25, 2023. In the order, the bench also appointed Jitender Kothari as the interim resolution professional to carry out the steps mentioned under the Insolvency and Bankruptcy Code, 2016.
ND Art’s Appeal against this NCLT admission order in the NCLAT Principal Bench, New Delhi, was dismissed by its order on August 1, 2023. The loan of Rs. 150 crore was availed in November 2016, and an additional Rs. 35 crore was availed in February 2018 from ECL Finance. The account started defaulting in January 2020. The total outstanding dues amounted to Rs. 252 crore, for which the NCLT was petitioned in July 2022. We are committed to fully cooperating with all the relevant authorities. Our commitment to transparency, cooperation, and adherence to the legal process remains steadfast."
Nitin Desai's emotional appeal to government
National award-winning art director Nitin Chandrakant Desai was found dead in his studio in Maharashtra’s Raigad district. Ahead of the suicide, Nitin Desai made an emotional appeal to the state government, wherein he said that his ND studio has been made with a lot of hard work and carries a lot of dreams. "I built this studio after facing and overcoming many difficulties in life. There have been many ups and downs in life, successes and failures, I have digested it all. This is the biggest asset of my life. The government should save this studio, not for me or my family, but for the benefit of new artists, the government should take steps and take over the studio."
In his audio clip, Desai has said that the studio should not be handed over to the concerned lending financial institution as budding and hardworking artists will be born through this studio.
How he committed suicide and what's the significance of the bow and arrow?
Facing many difficulties, I got this Shivdhanushya from NDStudios. I tried my best to get out of this trouble but could not manage. So it's time to end. In an audio clip recorded by art director Nitin Desai, he is seen repeatedly saying that he has been at the helm of the studio till now but it is becoming difficult now. It is also argued that this is the meaning of the bow and arrow made under the place where he was hanged.
