Ordered to pay Rs 538 crore to BCCI in IPL's Kochi franchise case

Mumbai, June 18 (IANS). The Bombay High Court confirmed the arbitration order to pay Rs 538 crore to the Indian Premier League (IPL) franchise Kochi between Kerala, which is shocked to the Cricket Governing Council in India (BCCI). The court rejected the BCCI trial that challenged the oral decision in the IPL -Franchise dispute that has been going on for more than a decade. Despite several attempts, BCCI officials were not available to comment on the matter. The BCCI abolished the Kochi franchise after a session in 2011, accusing the team of violating the contract after failing to submit a bank guarantee on time, which was needed under the agreement. The franchise could not pay for the BCCI because of the differences between the owners. The case went for mediation and in 2015 the Arbitration Court ordered the BCCI to pay Rs 538 CRore – Rs 384 Crore to KCPP and Rs 153 Crore to Randezavas Sport (owner of Kochi Franchise). The BCCI was not satisfied with the order of the Arbitration Court and decided to contest the decision of the Tribunal in the Supreme Court. The court confirmed the ruling of the intermediary on Wednesday. The Bombay High Court said in its ruling: “The jurisdiction of this Court under Article 34 of the Arbitration Act is very limited. The BCCI’s attempt to investigate the dispute is in conflict with the scope of the foundations in section 34 of the Act. In 2010, the franchise that bought Rs 1.550 crore missed its annual payment, after which the Council of Control for Cricket in India (BCCI) terminated their contract in 2011. The franchise won the case against the BCCI and the court ordered the board to pay Rs 550 crore. Kochi Tuskers Kerala participated in an IPL season in 2011 and finished eighth among ten teams. -Ians Ash/Acae part labels