The consortium offered Rs 24.74 crore against admitted claims of over Rs 166 crore for the company. Before the tribunals approval, the lenders of the company also approved the plan with 100% voting in favour of this revival plan.
Nitin Desai, who had defaulted on Rs 185 crore loans taken from a subsidiary of Edelweiss, was found dead at his ND Studio in Khalapur Raigad near Karjat on August 2.
Nitin Desai, who had taken a loan of about Rs 185 crore, was found dead at his Mumbai studio on August 2. Reports emerged saying that Desai was under pressure as he had defaulted on his loans.
On Saturday, police sent notice to the managing director of ECL Finance, seeking information on various aspects pertaining to loans sanctioned to art director Nitin Desai. The MD of the company was asked to be present at the police station to submit the information by August 8.