Nitin Desai Death case: edelweiss issues statement asserting cooperation in the rs. 250 crore defaulted loan case against ND arts

THE news of the demise of Nitin Desai came across as a shock to the entertainment industry, who are still mourning the loss of the National Award-winning art director. However, soon reports were abuzz about the massive loan that his company ND Arts was accused of borrowing from the popular finance company Edelweiss ARC. As per reports, the company has released a statement after the recent incident, wherein they have assured full cooperation in the ongoing case.

SHIMIT Amin, director of critically acclaimed films such as Ab Tak Chhappan, Chak De! India, and Rocket Singh: Salesman of the Year, is making his comeback to direction after a hiatus of 14 years. According to a report by PinkVilla, Amin is in talks with multiple producers for his next project. He is said to be considering a remake of a foreign action film, as well as original stories.

A source told the entertainment portal, “He hasn't finalised his next project yet, but he is in discussion with multiple producers for various subjects. Apart from Yash Raj Films, which also backed his last two movies, Shimit is also discussing a project with another big banner and one foreign action film’s remake with a different company. He is also pitching his own stories, but none of them have been locked in yet. He is regularly meeting people and is hoping to start something by early next year.”

The report quoted the source saying, “Shimit is discussing movies with many producers, but you cannot be sure about him until he starts shooting. No one knows what he will end up directing next.”

For the unversed, Amin's last directorial outing was Ranbir Kapoor’s Rocket Singh: Salesman of the Year in 2009. After that, he moved to the US and worked as a creative consultant for several Hollywood films.

According to current reports, a Mumbai bench was appointed by the National Company Law Tribunal (NCLT) wherein an order has been issued to initiate the Corporate Insolvency Resolution Process and to proceed with the procedure as mentioned in the Insolvency and Bankruptcy Code 2016. After the ND Art’s appeal against the same was dismissed on August 1, in a statement it was being said that the account has been a defaulter since January 2020.

Reports suggest that ND Arts had taken a loan worth Rs. 150 crores in November 2016 and once again in February 2018, of Rs. 35 crores from the finance major.

While the total loan amounted to be Rs. 252 crores, Edelweiss ARC has issued a statement expressing their condolences but at the same, pledging complete support in the ongoing case regarding the loan. In their statement, they have asserted to the bench that they will be cooperating with the authorities and have assured them about maintaining transparency and adhering to all the legal process.

For the unversed, Nitin Desai died by suicide after hanging himself at his ND Studios in Karjat. The popular art director has won three Filmfare Awards and four National Awards and has worked with some of the biggest names in the Bollywood industry like Sanjay Leela Bhansali, Ashutosh Gowariker, among others. He is known for his work in Hindi films like Jodhaa Akbar, Hum Dil De Chuke Sanam, Lagaan, Devdas, among others.