Role of creditors to be probed in Nitin Desai death case, will inquire if he was under stress: Devendra Fadnavis

economictimes.indiatimes.com:

Nitin Desai was found dead, Maharashtra Deputy Chief Minister Devendra Fadnavis on Thursday said the role a private lending firm, from which Desai had taken loan, would be probed to know whether he was charged high interest and if he was under stress. Speaking in the state legislative assembly, Fadnavis who holds the home department, said legal aspects on how Desai's N D Studio at Karjat near Mumbai can be preserved or taken over by the government will be examined. Desai, the creator of lavish sets for films such as «Jodhaa Akbar» and «Lagaan» as well as the popular TV quiz show «Kaun Banega Crorepati», was found hanging at his studio on Wednesday.

Desai's company ND's Art World Pvt Ltd had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018, and troubles with repayments started from January 2020. Desai's company had defaulted on a Rs 252-crore loan to its financial creditor, according to an insolvency petition filed in a bankruptcy court last week. ECL Finance is a leading NBFC, promoted by the Edelweiss Group.

Fadnavis was responding to BJP MLA Ashish Shelar's demand that the issue should not be treated just as a case of accidental death. Through a point of order, Shelar demanded that Desai's death should not be treated just as a case of accidental death, but must be dealt with from a larger perspective. Desai had made a name for himself in the field of art direction with his sheer talent and his accomplishments, the BJP MLA said.

«It is tragic that the winner of four National Awards had to end his life in this manner. He had taken a loan of Rs 180 crore for the N D Studio, which rose to Rs 252 crore. This brings forward the functioning of the lending system by Rashesh Shah and Edelweiss ARC