New update in Nitin Desai suicide case, no relief to Edelweiss officials, hearing to be held on August 18

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Death of Nitin Desai: The Bombay High Court on Friday refused to grant immediate interim relief to the executives of Edelweiss Company, accused in the case of abetting the suicide of noted film art director Nitin Desai. The court said that it would hear their petitions on August 18. Justice N. W Sambre and Justice R. N. Laddha’s bench also issued notice to Desai’s wife. The case has been registered by his wife only.

Rashesh Shaw, Chairman, Edelweiss Financial Services

Rashesh Shah, chairman of Edelweiss Financial Services, Raj Kumar Bansal, managing director and chief executive officer of Edelweiss Asset Reconstruction Company, and two other officials of the company have been named as accused in the FIR. Senior advocate Amit Desai, appearing for the company officials, urged the court to grant them interim protection from any coercive action and quash the FIR registered against them.

investigation is still going on

Public prosecutor Aruna Kamat Pai told the court that the FIR in the case was registered only last week and the investigation is still on. After this, the bench said that it will hear the petitions on August 18. The court said, “Will wait for a week. We will hear the matter on August 18 and will also consider the interim relief sought.

Nitin Desai had taken a loan of so many crores

Noted film art director Nitin Desai had defaulted on loan payments of Rs 252 crore to his financial creditors and the insolvency court had accepted his plea to initiate insolvency proceedings against him. Desai’s company ND Art World Private Limited had taken a loan of Rs 185 crore from ECL Finance twice… in 2016 and 2018. From January 2020, the crisis of loan payment started in front of him.

On July 25, the Mumbai bench of the National Company Law Tribunal (NCLT) accepted Edelweiss Asset Reconstruction’s plea to initiate insolvency and bankruptcy proceedings against Desai’s company. NCLT Member (Judicial) HV Subba Rao and Member (Technical) Anu Jagmohan Singh appointed Jitendra Kothari as interim resolution professional after hearing arguments from both the sides. It was said in the order that the lenders have classified the company’s account as non-performing asset (NPA) on 31 March 2021. The total amount of loan default till June 30, 2022 was Rs 252 crore. Desai’s body was found hanging in his studio in Maharashtra’s Raigad district on 2 August. On August 4, his wife had reached Khalapur police station to lodge an FIR in connection with his death. Subsequently, a case of abetment to suicide was registered against Shah and Bansal. An FIR was also registered against Kothari and two others under sections 306 (abetment of suicide) and 34 (common intention) of the Indian Penal Code. (with language input)

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