Bombay HC tells BCCI to pay defunct IPL team Kochi Tuskers Kerala ₹538 crore

The Bombay High Court on Tuesday ruled in favour of the now-defunct IPL franchise Kochi Tuskers Kerala, urging the BCCI (Board of Control for Cricket in India) to pay up ₹538 crores awarded by an arbitration tribunal in 2015.

The tribunal had awarded ₹384 crore to Kochi Cricket Private Limited (KCPL), which operated the franchise, in addition to ₹153 crore to Rendezvous Sports World (RSW), the consortium that furnished the bank guarantee after entering into an agreement with the BCCI.

The cricket body has six weeks to file an appeal on the ruling by the single-judge Justice R I Chagla. "BCCI’s dissatisfaction as to the findings rendered in respect of the evidence and/or the merits cannot be a ground to assail the award," the court observed.

The BCCI had moved the Bombay HC, arguing that the tribunal acted beyond its powers. However, the HC, in its ruling, said the arbitrator's findings "cannot be faulted" based on "material facts and documents on record".

The franchise became operational in November 2010 and played their home matches at the leased Jawaharlal Nehru Stadium in Kochi. But the BCCI terminated the franchise after the first season, claiming it failed to deliver the requisite bank guarantee. On September 19, 2011, the BCCI encashed the bank guarantee of ₹153 crore. The arbitration was invoked on August 4, 2012 and the franchise owners obtained a favourable ruling on July 17, 2015.

The Tuskers did not do well in their only season in the IPL, finishing eighth among the 10 franchises. Some of the big names in the game during the time represented the Tuskers, namely Brendon McCullum, Mahela Jayawardene, Muttiah Muralithara and S Sreesanth among others.