Madras High Court to hear dispute between Vishal and Lyca Productions

CHENNAI: The Madras High Court held that the final hearing of the dispute between actor Vishal Krishna and Lyca Productions will commence from June 28.

Justice PT Asha heard the petition moved by a film production house, Lyca Productions seeking repayment of amount paid on behalf of the actor.

Senior counsel Arvindh Pandian representing Vishal, sought the court to appoint a conciliation officer to settle the matter amicable.

However, Lyca submitted that despite the actor saying he is ready to settle the matter before the court, but in real he is not advancing anything to solve the issue.

After the submission the judge posted the matter to June 28 for final hearing.

Vishal had taken a loan from Anbu Chezhian of Gopuram Films to the tune of Rs.21.29 crores when he remained unpaid the loan amount Lyca Productions stepped in and paid Anbu Chezhian on the promise that Vishal would repay the entire amount to Lyca with the interest at the rate of 30 percent per annum.

However the amount remained unpaid, and Lyca had approached the High Court. While hearing the petition the single Judge directed Vishal to make a fixed deposit of Rs.15 crore to the credit of the civil suit.

However, Vishal contended before the court that he did not have the requisite resources to deposit Rs. 15 crores. Pursuant to the court's order Vishal furnished his bank details and assets.