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BCCI Loses Arbitration Case Worth INR 538 Cr Against Former IPL Team
Follow UsThe franchise owners had appealed to an arbitration tribunal which, in 2015, after thorough investigation, had decided that BCCI was wrong
The Bombay High Court on June 18 (Wednesday) upheld the award of a total sum of INR 538 crore to be paid to the Kochi Cricket Private Limited (KCPL) and Rendezvous Sports World (RSW) by the Board of Control for Cricket in India (BCCI) in an arbitration case.
The case is related to Kochi Tuskers Kerala (KTK), an Indian Premier League (IPL) franchise that played in the 2011 edition of the league. KTK was a joint venture of KCPL and RSW and was removed from the IPL after just one season by the BCCI on charges of not being able to furnish a bank guarantee before a specified date.
The franchise owners appealed to an arbitration tribunal which, after thorough investigation, decided that BCCI was wrong in invoking the irremediable material breach clause on non-furnishing of the bank guarantee by March 22, 2011 by KPCL.
Thus, it was decided that a total of INR 385.50 crore would be awarded to KPCL and INR 153.34 crore to RSW. The single-judge bench of the Bomaby High Court upheld that order.
The next step that BCCI can take is to appeal to the Supreme Court against the arbitrary tribunal’s and High Court’s judgments or pay the amount due to the respective bodies.