Was a Rs 250-crore debt the reason behind art director Nitin Desai's suicide?

The much celebrated and revered art director Nitin Desai died by suicide on August 2. As per reports, the influential personality hung himself to death at his own ND Studios in Karjat. Incidentally, Desai ended his life just before his birthday as he would have turned 58 on August 9. The alleged 250-crore debt Several reports have stated it was the gargantuan amount of debt that caused him to take the drastic step. India Today reported the art director took a loan of Rs 180 crore from a finance company named CFM, and the agreements were signed in 2016 and 2018. To take the loan, Desai mortgaged land worth 42 acres along with other properties. The Edelweiss Asset Reconstruction was then entrusted with the responsibility to recover the amount when Desai failed to replay the loan. Action under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Despite the efforts by EAR, the amount remained unpaid. An action was taken under the SARFAESI Act to recover the mortgaged land by confiscating the property. The outstanding amount was Rs 252. 48 crore by June 2022. BJP general secretary Vinod Tawde speaks Speaking to Hindustan Times, Tawde revealed, “I used to often speak and counsel him. I had told him 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 day before.” BJP MLA from Karjat, Mahesh Baldi’s statement Nitin Desai’s ND studio comes in my constituency, the financial crisis was going on for many days and due to that, he committed suicide in ND studio this morning. Desai’s sprawling career In his illustrious career, Nitin Desai was associated with filmmakers like Sanjay Leela Bhansali, Ashutosh Gowarikar, Vidhu Vinod Chopra , Rajkumar Hirani and many others. Apart from working as an art director and production designer, the multi-talented personality produced projects like Raja Shivchatrapati and Truckbhar Swapna. He also went on direct magnum opus Ajintha and Hello Jai Hind! In 2005 he opened his ambitious ND Studios in Karjat, which was set to many biggies with Hrithik Roshan and Aishwarya Rai Bachchan’s Jodhaa Akbar being the prominent ones. In fact, many seasons of Bigg Boss were also shot at the same studio.