Nitin Desai,National Award winning art director of lagaan and jodhaa Akbar, dies by suicide

Noted art director Nitin Chandrakant Desai, who was found dead at his studio in Maharashtra's Raigad, had trouble paying back a ₹ 252-crore loan, and a bankruptcy court had admitted an insolvency petition against his company last week. Nitin Desai's company, ND's Art World Pvt Ltd, had apparently taken loans totaling ₹185 crore from ECL Finance in 2016 and 2018. Financial difficulties emerged in January 2020.

Nitin Desai was discovered deceased at ND Studio premises today. Authorities are investigating a potential suicide.

Renowned art director Nitin Chandrakant Desai discovered deceased at his Raigad studio in Maharashtra, faced challenges repaying a significant ₹252 crore loan. His company, ND's Art World Pvt Ltd, obtained loans of ₹185 crore through two transactions from ECL Finance in 2016 and 2018. Financial difficulties commenced in January 2020.

Nitin Desai, notable for his contributions to projects like Lagaan and Devdas, established a sprawling studio in the Khalapur taluka near Mumbai, where movies like Jodha Akbar were filmed. His company, ND's Art World, also engaged in managing and operating replicas of historical monuments, along with services related to hotels, theme restaurants, shopping malls, and recreation centers.

On July 25, the Mumbai branch of the National Company Law Tribunal admitted an insolvency petition filed by Edelweiss Asset Reconstruction Company, initiating a corporate insolvency resolution process. The tribunal appointed Jitender Kothari as the interim resolution professional to oversee the management during this process.

The company's account was categorized as a non-performing asset (NPA) by creditors on March 31, 2021, with a total default amount of ₹252.48 crore as of June 30, 2022. In response, Nitin Desai's company mentioned a fire incident at the studio on May 7, 2021, leading to property loss, and criticized creditors for issuing a recovery notice on the same day.

Nitin Desai's unfortunate demise raises questions about the financial struggles he faced amidst his notable career. Reports suggested the financial creditor had approached district authorities in Raigad to take possession of ND Studio a few months ago.