Declare bankruptcy… is that what you intend? Deposit ₹10 crore first, Madras High Court warns actor Vishal!

Actor and Nadigar Sangam general secretary Vishal was asked by the Madras High Court if he was prepared to file for bankruptcy. The court was angered by his failure to follow the earlier loan repayment order.

Actor Vishal had previously borrowed ₹21 crore for a film project from renowned producer and financier Anbu Chezhiyan. Leading production company Lyca Productions agreed to settle this loan in accordance with a subsequent agreement between them. Lyca, in return, demanded the distribution rights to all of Vishal’s films. However, Vishal did not return the loan money or give Lyca the movie rights.

The Madras High Court's single bench recently ordered Vishal to repay the ₹21-crore loan with 30% interest after Lyca filed a lawsuit. The hearing for Vishal's appeal of this decision was held on Monday. Vishal's attorneys told the court during the session that their client was not wealthy. "If that is the case, are you prepared to declare bankruptcy?" the division bench then asked. The earlier single-judge order was then temporarily stayed by the bench. Vishal was instructed to deposit ₹10 crore with the court, though.