Bcci arbitral award case: The Board of Control for Cricket in India (BCCI) has suffered a major setback from Bombay High Court. The High Court, while giving a verdict in favor of the franchisee Kochi Tuskers, which has been banned from the IPL, has declared the Arbitral Award of Rs 538 crore. Justice RI Chagla has dismissed the BCCI petition, as a result the board will have to pay Rs 538 crore to the owners of the Kochi Tuskers franchisees.
Kochi Tuskers Kerala took the first step in the Indian Premier League in 2011, but the journey of this team in IPL was only one year. Earlier this team was owned by Randevu Sports World (RSW), but later a company named Kochi Cricket Private Limited operated this team, but BCCI abolished the Kochi Tusker Kerala franchise by citing violating the agreement.
The main reason for terminating franchisee was that the owners of the Kochi Tuskers team were to deposit the guarantee money by the date of 26 March 2011. It was told that the board waited for 6 months for this guarantee, but the BCCI did not get Rs 156 crore from the agreement.
RSW and Kochi Tuskers Private Limited went against BCCI’s decision and resorted to arbitration process/arbitration. The Tribunal Court ruled in 2015 that the BCCI had incorrectly recovered the guarantee amount, due to which RSW suffered a loss of 153 crores and KCPL faced a loss of 384 crores. In these, an amount of Rs 538 crore was revealed by adding interest and legal expenses.
Bombay High Court pronounced verdict
The Bombay High Court while giving the verdict said that the jurisdiction of this court is very limited under Section 34 of the Arbitration Act. The attempt to investigate the BCCI on the dispute is beyond the basis of Section No. 34. The BCCI’s opposition to the evidence that comes out cannot be called the basis for challenging the arbitration.
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