Sarathkumar’s ‘Acham Thavir’ lands into trouble before it's release tomorrow
The release of Sarathkumar-starrer ‘Acham Thavir’ has been stopped by the Debts Recovery Tribunal-II here, after a bank which funded the ...
Passing interim orders on an application filed by the IDBI Bank, which had sanctioned Rs 10 crore credit limit to Viswaas Film (P) Limited and disbursed Rs 2.3 crore so far, the DRT-II said: “The affidavit filed on behalf of the bank coupled with the documentary evidence prima facie establish the fact that the movie ‘Acham Thavir’ has been produced by Viswaas Film. The tribunal is convinced and satisfied that the bank has made out a prima facie case warranting intervention of this tribunal to pass an order of interim injunction against Viswaas Film or their agents as prayed for.”
The interim order, passed on Monday, stated that the film company had availed themselves of Rs 2.3 crore to produce two films – ‘Abdullah’ and ‘Arumugam’. After they committed default in repayment, the bank enforced security interest and issued a demand notice on August 21, 2012 under Section 13(2) of the SARFAESI Act. In October 2012, while admitting to the default in their reply, the company hypothecated the rights of the films along with a flat in Saligramam in favour of the bank.
As the value of the assets would not cover the entire loan disbursed, the bank filed the present application to restrain the company from releasing the film without its dues being settled.