An out-of-court settlement between the two parties concerned has prompted the Madras HC to lift its stay on the release of Hindi film ‘Aarakshan’, directed by Prakash Jha. The film’s release was stayed over a financial dispute between its producer Firoz A Nadiadwala and Sushil Gupta, director of G G Photo Limited.
In his petition, Gupta said Nadiadwala had failed to pay back Rs 3.25 crore he had borrowed. He had signed an undertaking to repay the sum with interest before September 2011 or before the release of his forthcoming films. Nadiadwala issued four cheques on March 31, 2011, but they all bounced. As per the agreement, Nadiadwala could not release the prints of his film unless the dues were paid.
Staying the release of the film, Justice V Periya Karuppiah said the filmmaker would have to pay Rs 3.71 crore with interest to be able to screen the film. An endorsement was made in the court on Tuesday that in view of the settlement between both parties, the stay was lifted.