BCCI to pay INR 550 crore to Kochi Tuskers Kerala

Published 07/08/2015, 1:06 PM EDT

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Who knew Kochi Tuskers Kerala could make a comeback into the IPL? Well, it might take you by surprise but it seems that this event could probably take shape in the upcoming future. In an astonishing setback for the biggest cricket board of the world, BCCI, a panel led by RC Lahoti gave a judgment, ordering BCCI to pay INR 550 crore to the former IPL franchise Kochi Tuskers Kerala. It all came after an arbitration concerned with the BCCI’s decision to encash the bank guarantee given by Kochi Tuskers Kerala in 2011.

In 2011, Kochi Tuskers Kerala’s franchise was terminated, owing to an alleged breach of contract by Rendezvous Sports, which put had together a consortium of five companies. The present matter started when BCCI asked the franchise to furnish a fresh  bank guarantee within a period of six months. When the franchise failed to meet the deadline, the BCCI terminated their IPL contract and also encashed the guarantee of INR 156 crores, that had been submitted by Kochi Tuskers Kerala earlier, following which the franchise raised their objection.

A BCCI official told Indian Express, “BCCI is going for legal opinion on this and we will see if we can challenge it in the High Court. The decision has come as a setback to us but we are looking at all possibilities. They want their IPL team to be restored from next season. We will have to explore all legal options before saying anything more on this.”

It seems the decision of the Kochi Tuskers Kerala’s franchise to file a suit against BCCI has finally resulted in a positive stride. All that is clear as of now do suggests that the franchise would be much pleased to have their team reinstated in IPL for the next season, rather than receiving the payment. On the other hand, the BCCI would have to pay penalty @18% p.a., if they fail to make the payment in due time.

 

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Written by:

Vikas Chauhan

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