KE Gnanavel Raja of Studio Green has produced two of the most eagerly awaited films of the year, "Thangalaan" starring Chiyaan Vikram and "Kanguva" featuring Suriya. While "Thangalaan"* is scheduled for release on August 15 (this Thursday), "Kanguva" is set to make its grand debut on October 10.

However, in a recent legal development, the Chennai High Court ruled on Monday that these films cannot be released theatrically unless Studio Green deposits ₹1 crore before each film's respective release dates. The court's order came in response to an execution petition filed by the High Court’s Official Assignee, who has been tasked with recovering debts owed by the now-deceased insolvent businessman, Arjunlal Sunderdas.

According to the court's judgement, Studio Green must deposit ₹1 crore with the Official Assignee by Wednesday, August 14, and report compliance on the same day for "Thangalaan" to proceed with its planned release on Thursday, August 15. The judges also stipulated that an additional ₹1 crore must be deposited before the release of "Kanguva".

Reports suggest that Studio Green's shareholders, Gnanavel Raja and VK Easwaran, had received ₹12.85 crores from Arjunlal Sunderdas in 2011 and 2012 to co-produce a film. However, when the businessman withdrew from the deal, the production house only repaid ₹2.5 crores, leaving a debt of ₹10.35 crores. The situation now leaves us waiting to see if "Thangalaan" will be able to secure a smooth release.