The Madras High Court has stayed the release of Vaa Vaathiyaar over an unpaid debt.
The producer of Karthi and Krithi Shetty starrer reportedly owes a debt to a businessman of over Rs 21 crore.
The film was supposed to release on December 12.
Karthi and Krithi Shetty starrer Tamil drama Vaa Vaathiyaar, directed by Nalan Kumarasamy, has faced a similar financial dispute similar to Nandamuri Balakrishna starrer Akhanda 2. The film, which was supposed to hit the screens today (December 12), received a stay from the Madras High Court due to unpaid debt of over Rs 21 crore.
Prathyangira Cinemas confirmed the Vaa Vaathiyaar's delay in an X post.
Why is Vaa Vaathiyaar postponed?
As per a report in Hindustan Times, Studio Green’s KE Gnanavel Raja, the producer of Vaa Vaathiyaar, has an outstanding debt of Rs 10.35 crore, which has increased to Rs 21.78 crore with interest. He owes the money to businessman Arjunlal Sundardas, who was declared insolvent by the Madras High Court in 2014. The official assignee managing Sundardas' assets has sought recovery of the amount.
The High Court considered the assignee’s plea to halt the film’s release after a hearing earlier this month. At the hearing, the counsel argued that Gnanavel failed to repay the debt despite opportunities. Though the producer offered to pay Rs 3.75 crore within 24 hours and property documents for the balance, the court rejected the proposal. It has now ordered a stay on the release of Vaa Vaathiyaar in theatres, OTT platforms, or any other medium till the debt is repaid.
About the lawsuit
The lawsuit dates back to 2011, after Gnanavel and Arjunlal agreed to co-produce a movie by investing Rs 40 crore each. According to the agreement, the latter invested Rs 12.85 crore and left the project. Since he was declared insolvent in 2014, his assignee moved the Madras High Court in 2016 seeking repayment of the Rs 10 crore with 18% interest from 2013.
