In a significant legal development, the Madras High Court has ordered actor Vishal Krishna Reddy to repay a loan of ₹21.29 crore, along with 30% annual interest, to Lyca Productions. The court issued this directive following a civil suit filed by Lyca Productions, which had earlier settled the debt on Vishal’s behalf with financier Anbu Chezhiyan’s Gopuram Films. The agreement stipulated that Vishal would repay Lyca Productions, but he allegedly failed to honor this commitment.The dispute escalated when Vishal attempted to release films without Lyca’s consent, breaching the lien agreement that secured the loan against his future film rights. In response, Lyca Productions sought legal recourse, leading to the court’s intervention. The court had previously instructed Vishal to deposit ₹15 crore as security, but he claimed financial incapacity. However, it was later revealed that Vishal had received ₹1 crore from another production company on the same day he made the claim, leading the court to condemn his conduct as evasive and in violation of court orders.
The latest ruling mandates Vishal to repay the principal amount of ₹21.29 crore along with 30% interest per annum from the date of the suit’s institution. Additionally, he is required to cover the litigation costs incurred by Lyca Productions. The court has also instructed Vishal to respond to the proceedings initiated by Lyca Productions to enforce this order.