Madras HC dismisses actor Vishal’s plea for more time to repay loan

Chennai: Madras high court on Tuesday dismissed an application moved by actor Vishal seeking an extension of time to deposit 10 crore as ordered by the court. The court directed the actor to make the deposit while admitting an appeal moved by him, challenging a single order directing payment of 21.29 crore loan obtained by Lyca Productions with 30% interest.A division bench of Justice C V Karthikeyan and Justice K Kumaresh Babu passed the order while refusing to grant any further time for the actor to deposit the amount. The court also granted liberty to Lyca to move an execution petition to implement the order of the single judge.
On June 5, a single judge of the court directed actor Vishal to pay 21.29 crore with 30% interest to Lyca on a plea moved by the production company against Vishal for non-payment of a loan taken by the actor. According to Lyca, the actor originally obtained the loan from Gopuram Films' Anbu Chezhian in 2019. As security, a lien was created on the rights, titles, and interests of all the films produced by Vishal in the future. Subsequently, through a separate agreement, Lyca agreed to settle the loan to Gopuram Films on behalf of Vishal, and it was agreed that Vishal would pay the loan to Lyca.However, since Vishal failed to pay up and attempted to alienate the rights of his films to third parties against the lien in favour of Lyca, the production company moved the suit.