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SC Directs BCCI to Deposit 100 Crore for Stay of Arbitral Award in Kochi Case

Cricketnext Staff | Updated: May 11, 2018, 1:40 PM IST
SC Directs BCCI to Deposit 100 Crore for Stay of Arbitral Award in Kochi Case

File image of Kochi Tuskers players celebrating a fall of a wicket. (AFP Photo)

New Delhi: The Supreme Court has directed the Board of Control for Cricket in India (BCCI) to deposit Rs. 100 crore with immediate effect if they are looking for 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 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.

Kochi Tuskers owners in 2015 had won an arbitration challenging BCCI 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.

For the past two years, BCCI was adamant in neither paying compensation nor taking back the franchise in the IPL.

The decision to terminate Kochi contract was taken by then BCCI president Shashank Manohar citing breach of franchise agreement, something majority of BCCI officials were against. "It was one man's obstinacy that is now costing us a bomb. Had Shashank not taken that decision, we could have worked our way out.

"In fact, before Kochi went to arbitration, they had asked for a compensation of Rs 300 crore. Even then our officials showed arrogance and now we will be forced to shell out more than double," an angry BCCI official had earlier said.

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First Published: May 11, 2018, 1:40 PM IST

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