At the age of 57, Nitin Chandrakant Desai, an art director and producer, has tragically died by suicide. His lifeless body was discovered at his studio in Karjat, Maharashtra, prompting the police to suspect it as a case of death by suicide. Further investigations are underway, and all aspects are being explored, according to a statement from Somnath Gharge, SP, Raigad. The last rites will be conducted on Friday.
According to a PTI report, Desai's company, ND's Art World Pvt Ltd, had encountered financial difficulties and had defaulted on a substantial Rs 252-crore loan from its financial creditor. This led to a bankruptcy court admitting an insolvency petition against the company last week. The financial woes began in January 2020, after the company had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018. The total default amount, as of June 30, 2022, stood at Rs 252.48 crore, as per an order by NCLT.
Before the court's order, Desai's company had cited...
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