Nitin Desai Death Case: Edelweiss ARC issues statement on insolvency proceedings against art director's company
Edelweiss ARC on Thursday issued a statement regarding insolvency proceedings against art director Nitin Desai's company, ND's Art World Private Limited. The investment and financial services company said, «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.» The company in its statement also said that Desai's company had total outstanding dues of Rs 252 crore. 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. However, ND Art’s appeal against the 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,» it said. 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,” the statement read. The entire entertainment industry has been mourning the demise of four-time national award-winning art director. He was found dead in his studio in Maharashtra’s Raigad district, police said on Wednesday.
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