High Court Upholds IPL Franchise's Arbitral Win Against BCCI
The Bombay High Court dismissed BCCI's petitions challenging arbitral awards favoring the defunct Kochi Tuskers Kerala, awarding over Rs 538 crore. The court found no illegality in the awards issued due to the wrongful contract termination by BCCI. Extensions were granted for the funds' withdrawal.
- Country:
- India
The Bombay High Court has delivered a significant ruling by dismissing the petitions filed by the Board of Control for Cricket in India (BCCI), challenging the arbitral awards that granted over Rs 538 crore in favor of the now-defunct IPL franchise Kochi Tuskers Kerala.
Justice R Chagla, in his order, clarified that there is no 'patent illegality' in the arbitral awards necessitating court interference. The Kochi Tuskers franchise, initially awarded to a consortium led by Rendezvous Sports World, faced contract termination by BCCI over allegations of failing to provide a necessary bank guarantee.
After arbitration proceedings initiated in 2012 claimed wrongful termination, an arbitral tribunal ruled in favor of Kochi Tuskers in 2015, mandating BCCI to compensate. The high court, siding with Kochi Tuskers, rejected BCCI's claims of the arbitral decision being perverse or contrary to public policy and has allowed the franchise to withdraw previously deposited funds.
(With inputs from agencies.)
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