Kochi Tuskers Wins Rs 538-Crore Arbitral Award Against BCCI In IPL Termination Case
In 2011, the BCCI terminated the contract of the IPL franchise due to its default on an annual payment.
The Bombay High Court ruled in favour of discontinued IPL franchise Kochi Tuskers Kerala on Wednesday, upholding the arbitral and directing the Board of Control for Cricket in India to pay Rs 538 crore to it, according to NDTV.
The BCCI shut down Kochi Tuskers in 2011 despite having only played one season. The team was accused of breach of contract due to failure to submit a bank guarantee within the stipulated time period as per their agreement.
In 2011, the BCCI terminated the contract of the IPL franchise, which had been acquired for a significant Rs 1,550 crore just a year prior, due to its default on an annual payment.
"The jurisdiction of this Court under Section 34 of the Arbitration Act is very limited. BCCI's endeavour to delve into the merits of the dispute, is in teeth of the scope of the grounds contained in Section 34 of the Act. BCCI's dissatisfaction as to the findings rendered in respect of the evidence and/or the merits cannot be a ground to assail the Award," the court said in its ruling.
The BCCI had already been asked to pay Rs 550 crore in arbitral payouts in 2015, consisting of Rs 384 crore to Kochi Tuskers and Rs 153 crore to its owner Rendevouz Sports, its owner.
The cricket regulatory board challenged this ruling in court.
"We have got arbitrator Lahoti's report. The majority of the members are of the opinion of appealing against the arbitrator's report. We are seeking legal opinion," Rajeev Shukla who was the IPL Chairperson at the time told PTI after a Governing Council meeting.
