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Nitin Desai had recently approached MSC Bank for loan: Bank chairman V V Anaskar

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MUMBAI, Aug 3 (PTI): Noted art director Nitin Desai, who is suspected to have committed suicide at his studio near here, had approached MSC Bank for a loan recently, its chairman V V Anaskar said on Wednesday.

Anaskar said lenders should not be driven merely by the underlying security and should look at business prospects as well while taking a call on a loan proposal.

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Adhering to a practice like this can help avoid eventualities like the one which has happened now, where a distressed borrower takes a drastic step, Anaskar said, without specifying when was the bank approached for a loan by Desai or the overall quantum sought.

It can be noted that the company of Desai, who was found dead at his studio near Karjat, had defaulted on a Rs 252 crore loan repayment to creditors and the Mumbai bench of the National Company Law Tribunal had initiated insolvency proceedings against the company.

Cash flows are very important while taking a call on a loan proposal and the same should have had looked into.

There is also a need to relook at the way a stressed borrower is treated, Anaskar said.

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According to him, rather than seizing possession of a property given as a security, such borrowers should be declared sick and efforts must be made to revive the business and payoff the creditors.

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The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
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