SC asks BCCI to deposit Rs 100 crore to stay arbitral award to Kochi

The Supreme Court, on Friday, directed the Board of Control for Cricket in India (BCCI) to deposit Rs. 100 crore with immediate effect if it wants a stay of an arbitral award against it in favour of Kochi Cricket Pvt. Ltd.

Kochi Tuskers Kerala played in the fourth edition of the IPL, but it managed to win only six games (out of 14), finishing eighth.   -  R.V. MOORTHY

The Supreme Court, on Friday, directed the Board of Control for Cricket in India (BCCI) to deposit Rs. 100 crore with immediate effect if it wants a stay of an arbitral award against it in favour of Kochi Cricket Pvt. Ltd.

The bench of Justices AK Goel and Indu Malhotra heard the appeal filed by Kochi Tuskers owners. An arbitral award of Rs. 800 crore was passed by retired Supreme Court judge Justice RC Lahoti in favour of Kochi earlier.

BCCI had the filed a Section 34 application before the Bombay HC challenging the same. The High Court had proceeded to stay the arbitral award and that is when Kochi went to the Supreme Court.

In 2015, the Kochi Tuskers owners had won an arbitration challenging BCCI’s decision to encash bank guarantee citing breach of contractual agreement.

The RC Lahoti headed panel had directed BCCI to pay Rs 550 crore as compensation with 18 percent annual penalty on failing to do so.

BCCI, however, was adamant in neither paying compensation nor taking back the franchise in the IPL.

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