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Art Director Nitin Desai Owed Rs 252 Crore In Defaulted Loans

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Renowned art director Nitin Chandrakant Desai was discovered dead at his studio in Maharashtra’s Raigad district.

Alongside his illustrious career, Desai faced financial struggles, including a default on a ₹252-crore loan, leading to an insolvency petition being filed against his company.

The news of his demise has sent shockwaves through the industry, leaving many to reflect on the challenges faced by artists in the demanding world of cinema.

Nitin Desai’s name was synonymous with visual grandeour in Bollywood, having contributed his talent to iconic films like Lagaan and Jodhaa Akbar.

However, behind the scenes, his company, ND’s Art World Pvt Ltd, was grappling with financial woes, which escalated when they borrowed ₹185 crore from ECL Finance in 2016 and 2018.

Troubles with loan repayments began to surface in early 2020, marking the start of a challenging journey for Desai and his company.

BJP GEN SECRETARY VINOD TAWADE SAID THIS ABOUT HIM

In a conversation with a reputed news portal, a close friend of the late art director, BJP General Secretary Vinod Tawde, recalled having counselled Desai during his tough times. He cited examples of other renowned figures, like Amitabh Bachchan, who bounced back from adversity, encouraging Desai to look at the future with hope. However, the tragic news of Desai’s passing has left many in shock and grief.

NITIN DESAI’S FINANCIAL PRESSURE

ND’s Art World Pvt Ltd specialized in organizing, maintaining, and operating replicas of historical monuments, offering facilities and services related to hotels, theme restaurants, shopping malls, and recreation centres. Despite the company’s unique offerings, it faced mounting financial pressure.

The situation took a legal turn when Edelweiss Asset Reconstruction Company filed a petition with the Mumbai bench of the National Company Law Tribunal (NCLT) to initiate a corporate insolvency resolution process. On July 25, the NCLT admitted the petition and appointed Jitender Kothari as the interim resolution professional to oversee the process.

According to the NCLT’s order, the company’s account had been classified as a non-performing asset (NPA) by creditors on March 31, 2021. The total default amount reached a staggering ₹252.48 crore as of June 30, 2022. In response, Desai’s company attributed the financial distress to a fire incident at the studio on May 7, 2021, resulting in property loss, and criticized creditors for issuing a recovery notice on the same day.

Bollywood

Farah Khan ties pagdi for Rajkummar Rao in throwback picture from his wedding with Patralekha

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Mumbai, Jan 9: Bollywood couple Rajkummar Rao and Patralekha are celebrating the birthday of choreographer-director Farah Khan.

On Thursday, Raj and Patralekha shared a joint post on their Instagram handles. The post showcases many heartwarming moments featuring them with Farah.

They wrote in the caption, “Happiest Birthday to our dearest @farahkhankunder ma’am. Wishing you only the best in life..We love you to the moon and back”.

The couple and Farah are known to be best of friends. Farah even attended their wedding ceremony in November 2021 in Chandigarh. One of the pictures shows Farah tying a pagdi for Rajkummar during the ceremony.

Rajkummar Rao and Patralekhaa’s wedding was one of the most cherished moments for not just their fans but also for the members of the film fraternity. The who’s who of Bollywood graced the wedding celebrations and blessed the newly – wed actors.

The names included bigwigs like Farah Khan, Rao’s close friend Hansal Mehta, ‘Article 15’ director Anubhav Sinha, Luv Ranjan; the famed director of ‘Pyaar Ka Punchnama’ series, ‘The Family Man’ creators; Raj and Dk.

Raj and Dk’s social media handle recently shared a picture from previously concluded reception of Rajkummar and Patralekhaa where all the directors along with Rajkummar, look all decked up in black tuxedos. They captioned the post in Español, “Hombres De Negro (Men In Black)”

The comment section was soon flooded by fans and the film personalities. While Rajkummar expressed his feeling for the most influential people in his life by commenting, “I love you guys”, Shreya Dhanwanthary wrote, “Omg. All that’s missing from this photograph is background musicOmg. All that’s missing from this photograph is background music”. Actor and casting director Abhishek Banerjee wrote, “League of extraordinary gentlemen !!”

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Bollywood

Jackie Shroff finds ‘peace’ as he spends time in nature

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Mumbai, Jan 9: It is no secret that aside from being a celebrated actor Jackie Shroff is also a nature freak. Proving the same, the ‘Housefull 3’ star recently shared a clip on his official Instagram handle, giving the netizens an insight into his recent visit to a center for cows.

The video has Jackie Shroff spending time with the animals. His latest Insta post was captioned, “𝑃𝐸𝐴𝐶𝐸”. However, this is not the first time that Jackie Shroff has openly shown his love for nature. Time and again, the actor is seen talking about the need to plant more trees to save the planet.

On another front, Jackie Shroff is all set to be a part of the highly-awaited crime series, “Chidiya Udd”. Scheduled to premiere on the OTT platform Amazon MX Player on 15th January this year, the drama is inspired by Aabid Surti’s popular novel Cages. “Chidiya Udd” will revolve around the life of a young Rajasthani woman named Seher, who gets caught up in the dark world of Mumbai’s crime syndicate. The story moves forward as she attempts to break away from the chains of power and violence. The makers recently unveiled the official trailer of the forthcoming web series.

Helmed by Ravi Jadhav, the project has been jointly bankrolled by Harman Baweja and Vicky Bahri. Apart from Jackie Shroff, “Chidiya Udd” will also feature Bhoomika Meena, Sikandar Kher, Madhur Mittal, Mayur More, and Mita Vashisht in crucial roles. Jackie Shroff will essay on the character of Qadir Khan in his next.

In addition to this, Jackie Shroff will also star in the highly-talked-about sequel, “Housefull 5”. He will be seen sharing the screen with Akshay Kumar, Nana Patekar, Sanjay Dutt, Abhishek Bachchan, and Riteish Deshmukh, along with others. Directed by Tarun Mansukhani, the movie will reach the cinema halls on 6th June this year.

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Bollywood

Armaan Malik- Aashna Shroff look smitten in their first Wedding pictures

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Mumbai, Jan 3: Singer Armaan Malik is finally married to his longtime girlfriend and influencer, Aashna Shroff.

The couple took to Instagram to share the joyful news, posting dreamy wedding photos accompanied by a heartfelt caption.

Armaan and Aashna got engaged in August 2023. On Thursday, Armaan and Aashna shared photos from their nuptials on their respective Instagram handles, writing in the caption, “tu hi mera Ghar.”

In the photos, the couple radiates pure happiness, dressed in stunning traditional wedding attire in shades of orange. Aashna looks beautiful as a bride in an orange lehenga, while Armaan opts for a pastel-shaded sherwani.

The wedding appeared to be an intimate outdoor affair, attended by close family and friends. Soon after the couple announced their wedding, the comments section was flooded with congratulatory messages. Pranutan shared a series of red heart emojis, while Sophie Choudry wrote, “Oh my goodness! Congratulations, you guys.” Aahana Kumra simply wrote, “Congratulations.” Varun Dhawan also liked the post.

Armaan and Aashna announced their engagement on social media in August 2023. The singer posted a series of romantic pictures. In one of the photos, he was seen on one knee with a ring in his hand. In the other pictures, the couple posed adorably together. Armaan captioned the post, “And our forever has only just begun.”

Meanwhile, Armaan Malik is well-known for his hit songs such as “Wajah Tum Ho,” “Bol Do Na Zara,” and “Butta Bomma.” He recently collaborated with American singer Ed Sheeran on a new version of the British singer’s song “2 Step.” Armaan is recognized for his work as a vocalist, songwriter, record producer, voice-over artist, performer, and actor.

On the other hand, Aashna Shroff is a popular Indian fashion and beauty blogger, as well as a YouTuber.

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