Tribunal stops release of Tamil film "Acham Thavir"

The Debts Recovery Tribunal here has stopped the release of Sarathkumar-starrer 'Acham Thavir' after a bank which funded the producers' earlier films moved itfor recovery of Rs 3.8 crore dues from them.
The Tamil film is due for release on December 13.
Passing interim orders on an application filed by the IDBI Bank, which had sanctioned Rs 10 crore credit limit to Viswaas Film (P) Limited and disbursed Rs 2.3 crore so far, the Tribunal said, "The affidavit filed on behalf of the bank coupled with the documentary evidence prima facie establish the fact that the movie 'Acham Thavir' has been produced by Viswaas Film."

"The tribunal is convinced and satisfied that the bank has made out a prima facie case warranting intervention of this tribunal to pass an order of interim injunction against Viswaas Film or their agents".
The interim order, passed yesterday, stated that the film company had availed themselves of Rs 2.3 crore to produce two films - 'Abdullah' and 'Arumugam'.
After they committed default in repayment, the bank enforced security interest and issued a demand notice on August 21, 2012 under Section 13(2) of the SARFAESI (The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities) Act.
In October 2012, while admitting to the default in their reply, the company hypothecated the rights of the films along with a flat in favour of the bank.

As the value of the assets would not cover the entire loan disbursed, the bank filed the present application to restrain the company from releasing the film without its dues being settled.