Madras HC orders actor Vishal to pay Rs 30 crore with interest to Lyca Productions
CHENNAI: The Madras HC has ordered actor and film producer Vishal Krishna Reddy to pay Rs 30.05 crore along with 30% interest per annum, as claimed in the civil suit, to Lyca Productions.
Justice PT Asha passed the orders on Thursday decreeing the suit filed by the Lyca Productions which prayed for the court to issue orders to Vishal in this regard.
The judge allowed the suit claim of Rs 30.05 crore along with 30% interest per annum from the date of institution of the suit to Lyca Productions directing Vishal to pay the amount and adjust the Rs 2.6 crore, which he had deposited on the suit, against the total liability.
Lyca Productions approached the court in 2021 seeking directions to the actor to pay Rs 30.05 crore along with the 30% interest alleging that he had defaulted on the repayment of Rs 21.20 crore owed to the firm by way of taking over his debt of Rs 15 crore from film financier Anbuchezhian.
It said the loan was taken over and discharged by it with an agreement providing for first lien on all rights, titles and interest in all future film projects of Vishal until the loan was fully repaid. However, he had not honoured the agreement leading to multiple litigations.
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