The Bombay High Court has asked the BCCI to pay INR 385.50 crore to Kochi Cricket Private Limited (KCPL) and INR 153.34 crore to Rendezvous Sports World (RSW) at the time of termination of the Kochi Tuskers Kerala IPL franchise in 2011. The Kochi franchise is owned by KCPL, and RSW has played one season of IPL in 2011. In September 2011, the BCCI ended up with the franchise, as it is reported, breaking its terms of agreement, and not being able to provide a bank guarantee by the required deadline, which led to an arbitration proceeding for both parties.
BCCI got involved in the jurisdiction under Section 34 Arbitration Act in which he asked to pay 538 crores to Kochi Tuskers and also rejected his arbitrator’s award. According to the official, BCCI’s biggest stress is not Kochi going to the court because it was a defaulted franchise but if players go back into the auction and in case they ask for dues not paid so they would ensure that it is paid from bank guarantee money.
Therefore, the chairman of Kochi, Mukesh Patel denied that franchise owed board any money. So BCCI decided to take a legal action against them and move to court, if they were found defaulter so BCCI will be paying Rs 12-15 crore next month as a central revenue.
