Sarathkumar’s Acham Thavir not to release on due date

Sarathkumar-starrer Acham Thavir was slated to release on December 13 but that doesn’t seem to be happening anymore. The release has been halted by the Debts Recovery Tribunal-II after a funding -bank asked for a recovery of Rs. 3.8 crore dues from the producers.

The recovery suit was filed at the tribunal by IDBI Bank and interim orders have been passed on the application. The bank authorized Viswaas Film (P) Limited with Rs. 10 crore credit limit and gave out Rs. 2.3 crore so far. As ordered by DRT-II, "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 as prayed for."

The interim order was passed on Monday and it is said that the film company used Rs. 2.3 crore to produce two films, Abdullah and Arumugam. After a default was committed in repayment, a security interest was implemented by the bank and it also issued a demand notice on August 21, 2012 under Section 13(2) of the SARFAESI Act. In October 2012, the company confessed to the default in their reply and it pledged the rights of the films and a flat in Saligramam in the bank’s favour. The value of the assets would not match up to the entire amount of the disbursed loan. Hence the bank filed the present application holding back the company from releasing the film till the time all the dues are cleared.