MUMBAI: The National Company Law Tribunal (NCLT) Mumbai recently had allowed an application filed by Edelweiss Asset Reconstruction Company Limited and initiated Corporate insolvency proceedings against well known art director Nitin Desais NDs Art World Pvt Ltd over a debt of Rs 252 crore.
Edelweiss had filed the company petition last year to initiate Corporate Insolvency Resolution Process against the Corporate Debtor for unresolved financial debt of Rs 252 crore. The Financial Creditor has successfully proved the existence of debt and default through the record of default issued by the NESL (National E-Governance Services Ltd) apart from other security documents and loan documents, said NCLT in its July 25 order passed by H V Subba Rao,…
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