The death of Art Director Nitin Chandrakant Desai has shocked the entire nation. He was found dead at his studio in the Indian state of Maharashtra's district of Karjat. Desai died by suicide at his ND Studio.&nbsp;

Since his untimely, unnatural&nbsp;death, there have been multiple reports stating that Desai was facing financial issues and was in heavy debt. According to reports, Nitin took a loan of Rs 180 crore in 2016 and 2018. However, he was not able to repay the amount.&nbsp;The exact reason behind his suicide is not known. 
 
However, after several reports about Desai's debt circulated, her daughter came forward to make it clear that he had ''no intention of cheating'' and was going to repay all the money he had borrowed.&nbsp;

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His daughter told Indian news agency ANI, ''He was going to make all the payments that he promised. They (lenders) also demanded a six-month interest in advance which my father provided by selling his Powai office. He had no intention to defraud anyone and he was going to make all payments that he had promised."&nbsp;

She also mentioned that due to the pandemic, the industry was affected, and due to the same, her&nbsp;father was not able to make regular payments.&nbsp;

"Due to the pandemic, the industry was affected, there was no work and the studio was closed. He could not make regular payments and there were some delays. Even after that, he repeatedly made attempts to meet with the company to negotiate with them for restructuring or some kind of leeway so he could still finish paying what he owed. The company gave him false assurances and started legal proceedings on the side," she said. 
 
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Mansi has also requested that the government of Maharashtra look into this matter. "I appeal to the government of Maharashtra to look into this matter and also, as per his last wish, take charge of ND Studios. Please give him justice," the bereaved daughter urged. 
 
Desai’s daughter also asked the media to stop spreading false information about her father. "We would like to request the media to stop making defamatory statements against him and stop spreading false information. Please consult us before releasing any information," she added.

In his decades-long career, Desai has created sets of iconic Bollywood films like Lagaan and Devdas, 1942: A Love Story, Hum Dil De Chuke Sanam, and Jodhaa Akbar among others.&nbsp;

He won four National Film Awards for his work in films like Dr Babasaheb Ambedkar, Hum Dil De Chuke Sanam, Lagaan and Devdas. He was a frequent collaborator with directors like Sanjay Leela Bhansali and Ashutosh Gowarikar.

(With inputs from agency) 
 
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The death of Art Director Nitin Chandrakant Desai has shocked the entire nation. He was found dead at his studio in the Indian state of Maharashtra's district of Karjat.

The death of Art Director Nitin Chandrakant Desai has shocked the entire nation. He was found dead at his studio in the Indian state of Maharashtra's district of Karjat. Desai died by suicide at his ND Studio. Since his untimely, unnatural death, there have been multiple reports stating that Desai was facing financial issues and was in heavy debt. According to reports, Nitin took a loan of Rs 180 crore in 2016 and 2018. However, he was not able to repay the amount. The exact reason behind his suicide is not known. However, after several reports about Desai's debt circulated, her daughter came forward to make it clear that he had ''no intention of cheating'' and was going to repay all the money he had borrowed. Wait, what? Did Disha Patani just confirm her relationship with Aleksander Alexilic? His daughter told Indian news agency ANI, ''He was going to make all the payments that he promised. They (lenders) also demanded a six-month interest in advance which my father provided by selling his Powai office. He had no intention to defraud anyone and he was going to make all payments that he had promised." She also mentioned that due to the pandemic, the industry was affected, and due to the same, her father was not able to make regular payments. "Due to the pandemic, the industry was affected, there was no work and the studio was closed. He could not make regular payments and there were some delays. Even after that, he repeatedly made attempts to meet with the company to negotiate with them for restructuring or some kind of leeway so he could still finish paying what he owed. The company gave him false assurances and started legal proceedings on the side," she said. ALSO READ | Opera singer David Daniels and his husband plead guilty to sexual assault Mansi has also requested that the government of Maharashtra look into this matter. "I appeal to the government of Maharashtra to look into this matter and also, as per his last wish, take charge of ND Studios. Please give him justice," the bereaved daughter urged. Desai’s daughter also asked the media to stop spreading false information about her father. "We would like to request the media to stop making defamatory statements against him and stop spreading false information. Please consult us before releasing any information," she added. In his decades-long career, Desai has created sets of iconic Bollywood films like Lagaan and Devdas, 1942: A Love Story, Hum Dil De Chuke Sanam, and Jodhaa Akbar among others. He won four National Film Awards for his work in films like Dr Babasaheb Ambedkar, Hum Dil De Chuke Sanam, Lagaan and Devdas. He was a frequent collaborator with directors like Sanjay Leela Bhansali and Ashutosh Gowarikar. (With inputs from agency) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Nitin Desai’s daughter urges media to stop spreading false information: ‘Had no intention to cheat anyone’

Celebrated art director Nitin Chandrakant Desai had reportedly defaulted on an INR 2.5 billion loan. Desai was found dead on Wednesday at his studio in Maharashtra's Raigad district. The award-winning art director had worked in iconic films Lagaan and Devdas during his career spanning over two decades.&nbsp; 
 
According to reports, Desai had defaulted on an INR 2.5 billion loan and a bankruptcy court had admitted an insolvency petition against his company last week. 
 
Desai's company, ND's Art World Pvt Ltd, had borrowed over INR 1.8 billion through two loans from ECL Finance in 2016 and 201. Desai was unable to pay part of the amount from January 2020.

BJP general secretary Vinod Tawde, who was a close friend of Nitin Desai, spoke to Hindustan Times and said, "I used to often speak and counsel him. I had told him on how Amitabh Bachchan had faced immense losses and come back in life again. We had told him that even if the studio was attached due to loans, he could start afresh. It's very sad to hear about his death. I spoke to him the day before." 
 
His company ND's Art World is engaged in the business of organising, maintaining, and operating replicas of historical monuments and providing facilities and services related to hotels, theme restaurants, shopping malls and recreation centres.

On July 25, the Mumbai bench of the National Company Law Tribunal had admitted a petition filed by Edelweiss Asset Reconstruction Company to initiate a corporate insolvency resolution process.

Typically, the insolvency professional is entrusted with ensuring that all the creditors get their dues as per the amounts realised by selling the securities and also has to take care of day-to-day business operations.

The order had said that on March 31, 2021 the account was classified as a non-performing asset (NPA) by the creditors. The the total default amount was ₹252.48 crore (approx 2.5 billion INR) as on June 30, 2022.

In its reply to the court, Desai's company had said that there was a fire incident at the studio on May 7, 2021 which resulted in loss of property and blamed the creditors for sending a recovery notice on the same day.

Desai was found dead at his ND Studio on Wednesday and while there hasn't been any official confirmation, it is being suspected as a case of suicide.&nbsp;

(With agency inputs) 
 
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Celebrated art director Nitin Chandrakant Desai had reportedly defaulted on an INR 2.5 billion loan. Desai was found dead on Wednesday at his studio in Maharashtra's Raigad district.

Celebrated art director Nitin Chandrakant Desai had reportedly defaulted on an INR 2.5 billion loan. Desai was found dead on Wednesday at his studio in Maharashtra's Raigad district. The award-winning art director had worked in iconic films Lagaan and Devdas during his career spanning over two decades. According to reports, Desai had defaulted on an INR 2.5 billion loan and a bankruptcy court had admitted an insolvency petition against his company last week. Desai's company, ND's Art World Pvt Ltd, had borrowed over INR 1.8 billion through two loans from ECL Finance in 2016 and 201. Desai was unable to pay part of the amount from January 2020. BJP general secretary Vinod Tawde, who was a close friend of Nitin Desai, spoke to Hindustan Times and said, "I used to often speak and counsel him. I had told him on how Amitabh Bachchan had faced immense losses and come back in life again. We had told him that even if the studio was attached due to loans, he could start afresh. It's very sad to hear about his death. I spoke to him the day before." His company ND's Art World is engaged in the business of organising, maintaining, and operating replicas of historical monuments and providing facilities and services related to hotels, theme restaurants, shopping malls and recreation centres. On July 25, the Mumbai bench of the National Company Law Tribunal had admitted a petition filed by Edelweiss Asset Reconstruction Company to initiate a corporate insolvency resolution process. Typically, the insolvency professional is entrusted with ensuring that all the creditors get their dues as per the amounts realised by selling the securities and also has to take care of day-to-day business operations. The order had said that on March 31, 2021 the account was classified as a non-performing asset (NPA) by the creditors. The the total default amount was ₹252.48 crore (approx 2.5 billion INR) as on June 30, 2022. In its reply to the court, Desai's company had said that there was a fire incident at the studio on May 7, 2021 which resulted in loss of property and blamed the creditors for sending a recovery notice on the same day. Desai was found dead at his ND Studio on Wednesday and while there hasn't been any official confirmation, it is being suspected as a case of suicide. (With agency inputs) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Ace art director Nitin Chandrakant Desai had defaulted over $30 million loan: Reports

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Nitin Desai’s daughter urges media to stop spreading false information: ‘Had no intention to cheat anyone’

Ace art director Nitin Chandrakant Desai had defaulted over $30 million loan: Reports