Nitin Desai's company started defaulting on loan repayments in 2020: Edelweiss ARC

Edelweiss ARC has issued a statement condoling the demise of art director Nitin Desai, who died by suicide this week. Desai's company had availed a ₹150 crore loan in 2016 and an additional ₹35 crore in 2018, Edelweiss said. The account started defaulting on loan repayments in January 2020 and its total outstanding dues rose to ₹252 crore, it added.