Supreme Court directs BCCI to deposit Rs 100 crore.
The Supreme Court on Friday ordered the Board of Control for Cricket in India (BCCI) to deposit Rs 100 crore as a condition for a stay of an arbitral award in favour of Kochi Cricket Pvt. Ltd. The bench of Justices AK Goel and Indu Malhotra heard the appeal filed by Kochi Cricket on Friday before voting in their favour. The court said that the amended
An arbitral award of Rs 800 crore was passed by retired SC judge Justice RC Lahoti in favour of Kochi Cricket. The cricketing board filed a Section 34 application before the Bombay High Court challenging the award. In its decision, the High Court proceeded to stay the arbitral award unconditionally. The Bombay HC’s decision was challenged by Kochi Cricket in Supreme Court.
Apart from asked the BCCI to deposit Rs 100 crore, the apex court further ordered the High Court to dispose of the Section 34 application expeditiously.
Earlier, in a hearing in Match, the SC had declared that the amended Section 36 in the arbitration and concillation act will become applicable to the facts of the case between the cricket board and Kochi Tuskers Kerala, the terminated IPL team.
The issue between BCCI and Kochi is regarding the notice dated January 18, 2012, which was sent by the KTK invoking arbitration under a franchise agreement dated March 12, 2011, soon after the BCCI unilaterally terminated its contract with the franchise.