CHENNAI: The Madras High Court has ordered film producer KE Gnanavelraja of Studio Green Films Private Limited to deposit `1 crore in the account of the official assignee who is handling the assets and liabilities of a late creditor of the firm, by August 14, to allow screening of the former’s latest Vikram-starrer Thangalaan.
A division bench of Justices G Jayachandran and CV Karthikeyan passed the orders on Monday, two days prior to the scheduled release of Thangalaan, on an execution petition (EP) filed by the official assignee.
“The second respondent (Gnanavelraja) is directed to deposit a sum of Rs 1 crore to the credit of the insolvency petition on or before August 14; only on such compliance, the film Thangalaan can be released on the scheduled date (August 15),” the bench said.
It also ordered the producers to deposit another Rs 1 crore before the scheduled release of Surya-starrer Kanguva on October 10. The court directed the producers to file a report of compliance a day before the release of Thangalaan and posted the matter to August 14.
Gnanavelraja had business ties with a financier, Arjunlal Sunderdas, who was declared insolvent and later passed away. An official assignee, who took over the deceased’s finances, confirmed that Gnanavelraja owed crores to Sunderdas and filed a petition to that effect in 2014. The HC had ordered the company to pay Rs 10.35 crore along with 18% interest per annum in 2019. The assignee filed the EP seeking to execute the order and attach the films. The assignee’s counsel submitted before the division bench that the total sum due from the producers is Rs 26.34 crore.