The Madras High Court has refused to grant actor Vishal an extension to deposit Rs 10 crore in a loan case involving Lyca Productions. Vishal had sought a six week extension, citing frozen bank accounts and difficulty in mobilizing funds. However, the judges dismissed the petition, stating that more than enough time had already been given.
The dispute stems from a previous order directing Vishal to repay Rs 21.29 crore to Lyca Productions with 30% interest. Vishal appealed the decision, and a division bench granted an interim stay on the condition that he deposits Rs 10 crore with the court. The actor's senior counsel argued that the frozen bank accounts made it challenging to arrange the funds, but the bench refused to accept the explanation.
The court's decision increases legal pressure on Vishal to deposit the amount if he wants to continue pursuing the appeal and retain interim relief. The judges noted that nearly eight weeks had passed since the original direction, and the extension petition itself took time to be listed.
The case highlights the severe stance courts are taking regarding financing interim orders. Lyca Productions alleges that Vishal owes them Rs 57 crore, including interest. The actor had initially taken a loan of Rs 21.29 crore from Anbuchezhian of Gopuram Films for his movie Marudhu in 2016.