BCCI loses Rs 538 crore arbitration case to defunct IPL team Kochi Tuskers
The court noted that the awards had been under conditional stay for several years and extended the time to allow the Kochi Tuskers to initiate recovery of the awarded amount.The case dates back to disputes arising from franchise agreements that Kochi Cricket Private Limited (KCPL) and Rendezvous Sports World (RSW) had entered into with the BCCI. RSW had won the bid for the Kochi IPL franchise in 2010, submitting a bank guarantee of Rs 153.34 crore.While an interim franchise agreement was signed in April 2010, it was later transferred to KCPL in November that year following the creation of the joint venture.advertisementDisputes began after KCPL allegedly failed to deliver the requisite bank guarantee by March 2011. BCCI subsequently terminated the franchise agreements with KCPL and RSW on September 19, 2011. In response, the Kochi franchise owners invoked arbitration in 2012.In June 2015, the arbitrator directed BCCI to pay KCPL Rs 385.5 crore along with 18 percent annual interest. In RSW's case, BCCI was ordered to pay Rs 153.34 crore with similar interest terms, beginning from the date of the alleged wrongful termination of the agreement.BCCI, represented by senior advocate Rafiq Dada, argued that the arbitrator had overlooked key clauses related to deadlines for submission of guarantees and changes to contract terms. However, the High Court said the arbitrator had correctly interpreted the evidence and contractual terms.'The conclusion of the arbitrator that BCCI had wrongfully invoked the bank guarantee, amounting to a repudiatory breach, calls for no interference,' Justice Chagla noted.The court held that the arbitration findings were well reasoned and that the challenge raised by the BCCI lacked merit.Must Watch
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