Sarath Kumar Film's Screening on Hold
By T S Sekaran | ENS | Published: 11th December 2013 08:11 AM |
Sarath Kumar fans have to wait to watch his next movie ‘Acham Thavir’. For, Viswaas Films Pvt Limited and others were restrained from screening ‘Acham Thavir’, in any form on December 13.
The Debt Recovery Tribunal-II in Chennai granted the injunction while passing interim orders on an application from the Industrial Development Bank of India (IDBI), on December 9.
According to the Bank, it had lent Rs 2.30 crore to Viswaas Films and its three other associates for producing two Tamil feature films ‘Abdullah’ and ‘Arumugam’. However, the defendant companies did not complete the films and pay back the amount.
When the bank enforced the security interest and issued a demand notice on August 21, 2012 under SARFAESI Act, the companies offered to hypothecate the negative films with the film under production with the bank and a property worth about Rs 60 lakh in Saligramam. The bank said the security given by the defendants is not sufficient to recover the Rs 3.80 crore dues.
While so, the defendants produced ‘Acham Thavir’ and planned to release it on December 13. Hence, the present application.
The Tribunal observed that the security and property offered are not sufficient to recover the whopping sum of Rs 3.80 crore. The affidavit filed on behalf of the applicant bank coupled with the documentary evidence prima facie establishes the fact that the movie ‘Acham Thavir’ was produced by the defendants and, therefore, the instant application squarely falls within the ambit of the RDDB&FI Act, the tribunal said and accordingly granted the interim injunction.