The National Company Law Appellate Tribunal had dismissed Nitin Desai’s appeal against an NCLT order initiating the corporate insolvency resolution process against his company. Naina had challenged the NCLAT order.
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 by Naina Desai, widow of art director Nitin Desai, seeking a review of the National Company Law Appellate Tribunal (NCLAT) order allowing bankruptcy proceedings against their company. This clears the way for recovery proceedings against ND's Art World Pvt Ltd, which owes Edelweiss Asset Reconstruction Co. close to Rs 300 crore.
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.
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The NCLT observed that a police case for abetment of suicide under Indian Penal Code was registered after National Award-winning art director Nitin Desai, one of the directors of corporate debtor ND’s Art World Private Limited, died in his studio on August 2, on the ground that the initiation of CIRP proceedings caused him to die by suicide.
The tribunal, in its order of August 28 observed that a police case for abetment of suicide under IPC came to be registered in this matter consequent upon suicide by one of the suspended directors of the corporate debtor on the ground that the initiation of CIRP proceedings caused Nitin Desai to commit suicide.
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