The Bombay High Court on Wednesday rejected IPL franchise Kochi Tuskers Kerala's plea seeking to restrain the Board of Control for Cricket in India (BCCI) from encashing or enforcing its bank guarantee of Rs. 156 crore.
“I refuse to give any relief and I am rejecting the application,” Justice S.F. Vajifdar said in a brief order, the details of which would be given later.
On September 19, the BCCI had terminated the contract of Kochi Tuskers Kerala for alleged breach of contractual terms, prompting the IPL franchise to move the High Court.
The BCCI had announced two days ago that it had decided to encash or enforce the bank guarantee of Kochi Tuskers in its possession and also terminate the franchise as it had allegedly breached the contractual terms.
The consortium, which was mired in a bitter ownership dispute since its very inception, had defaulted on a Rs. 156-crore annual payment it was to make despite repeated reminders from the IPL authorities.
Kochi Tuskers chairman Mukesh Patel had reacted sharply to BCCI's decision to terminate the franchise, saying it had not defaulted. — PTI