India News: The Supreme Court has dismissed an appeal by Naina Desai, widow of Bollywood art director Nitin Desai, against a National Company Law Appellate Tribun
The Supreme Court has dismissed a petition seeking a review of the National Company Law Appellate Tribunal s (NCLAT) order allowing bankruptcy proceedings against ND s Art World Pvt Ltd, a company owned by late art director Nitin Desai and his widow Naina Desai. The dismissal clears the way for recovery proceedings against the company, which owes Edelweiss Asset Reconstruction Co. around Rs 300 crore.
The petitioners had sought interim order of protection from any coercive action and for the probe to be stayed in the case pending the hearing of their pleas.
Senior Edelweiss officials, accused of abetting the suicide of renowned art director Nitin Desai on Friday submitted to the Bombay High Court that he had started delaying on his loan repayment schedules from the end of 2018. Senior counsel Amit Desai, appearing for Edelweiss Financial Services chairman Rashesh Shah, Edelweiss ARC MD and CEO Raj Kumar Bansal and two other company officials, said a total loan of Rs 181 crore was given to Nitin Desa