The Supreme Court has directed the Board of Control for Cricket in India to deposit ₹100 crore to start the proceedings for a stay order on the of an arbitral award in favour of the Indian Premier League team Kochi Tuskers Kerala owners Kochi Cricket Pvt. Ltd.
The order relates to an arbitral award of ₹800 crore in favour of the terminated IPL franchise Kochi Tuskers Kerala. An arbitration panel headed by Hon’ble Justice (Retd) RC Lahoti has ordered the BCCI to pay a compensation of ₹550 crore with an 18% interest to the Kochi franchisee owners Kochi Crikcet Private Limited. The total compensation stood at ₹800 crore.
The BCCI had the filed a Section 34 application before the Bombay HC challenging the same. The High Court had proceeded to stay the arbitral award.
The Bombay HC’s decision was challenged by Kochi Cricket in Supreme Court. Ruling on the Kochi Cricket Private Limited appeal, the Supreme court has asked the BCCI to deposit ₹ 100 crores and further directed 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 conciliation act will become applicable to the facts of the case between the cricket board and Kochi Tuskers Kerala.