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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.
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.
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
Edelweiss group chairman Rashesh Shah and ECL Finance executives have approached the Bombay High Court to quash the FIR registered against them in relation to art director Nitin Desai's suicide case. The Raigad police had recorded statements of ECL Finance MD, Phanindranath Kakarla, in the case, and have summoned the accused again on Friday. The FIR was lodged after Desai's wife alleged that officials from ECL Finance harassed her husband to repay loans availed by him, leading to his death.
Art director Nitin Desai was found dead on August 2. An audio note left behind by him blamed Rashesh Bansal and Raj Kumar Shah for his poor financial condition, according to the police.
According to the police, a case of abetment to suicide under section 306 of the Indian Penal Code (IPC) was registered based on the complaint given by Desais widow, Neha. In her complaint Neha has alleged that Desai was "harassed by the officials to repay the loans availed by him". The police have also invoked section 34 ( common intention) of the IPC in the matter.