Bad news for BCCI, set to pay Rs 5380000000 to this IPL team due to...
In these collection of pictures, we find out the reason why the BCCI has suffered a massive financial loss after the decision by Bombay High Court. Image credit: X (Formerly Twitter)
Kochi Tuskers Kerala participated in IPL 2011 season. Kochi Cricket Pvt. Ltd. was a consortium of multiple owners. Image credit: X (Formerly Twitter)
Former IPL chairman Lalit Modi and BCCI terminated Kochi Tuskers Kerala contract in 2012 due to alleged breach in contract. Image credit: X (Formerly Twitter)
Arbital Tribunal had ordered BCCI to pay Rs 538 crore to Kochi Tusker Kerala owners KCPL. It awarded over Rs 384 crore to KCPL and ordering the return of over Rs 153 crore to RSW along with interest and costs. Rendezvous Sports World (RSW) was consortium who had bought the IPL team. Image credit: X (Formerly Twitter)
BCCI had challenged the order of Artbital Tribunal. arguing that the tribunal had acted beyond its powers and misapplied the law. It maintained that KCPL's failure to submit the bank guarantee was a fundamental breach of the agreement, justifying termination. Image credit: X (Formerly Twitter)
Bombay High Court held that the arbitrator's findings were well-reasoned and supported by records. It ruled that BCCI had, by its conduct, waived the strict requirement for furnishing the guarantee by March 2011. Image credit: X (Formerly Twitter)
Single-judge Justice RI Chagla rejected BCCI's challenge on Wednesday to the Rs 538 crore award and said that the Bombay High Court cannot sit in appeal over the arbitrator's findings.
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