According to the police, Desai and his wife Neha set up the studio in 2004, a year before it became functional, and he took charge of its operations. The couple initially applied for and repaid a loan of Rs 2.5 lakh, Neha had stated in the FIR.
On July 25, the Mumbai bench of the National Company Law Tribunal had initiated the Corporate Insolvency Resolution Process against ND’s Art World Private Limited in view of an outstanding debt of Rs 252.48 crore
Group Chairman of Edelweiss Financial Services and the CEO of Edelweiss Asset Reconstruction Company Limited (EARC), who are booked for allegedly abetting art director Nitin Desai’s suicide, have.