The Bombay High Court on Wednesday squashed a plea placed before it by the owners of IPL franchise Kochi Tuskers Kerala against the BCCI to prevent the latter from encashing their bank guarantee.
The BCCI on Monday had terminated the contract of the IPL franchise for non-payment of an annual bank guarantee of Rs.156 crore, thus abruptly ending the controversial Kerala team's association with the cash-rich league after just one year.
Kochi Tuskers Kerala chairman Mukesh Patel confirmed on Wednesday morning that the team had moved the court on the matter, but their plea has now been rejected after a hearing in the afternoon.
The decision to terminate Kochi franchise was taken at the BCCI's Annual General Meeting in Mumbai on Monday.
"Because of the irremediable breach committed by the Kochi franchise, the BCCI has decided to encash the bank guarantee in their possession and also terminate the franchise," new BCCI President N Srinivasan had told reporters after the AGM.
Asked if the BCCI would reconsider its decision and give the franchise a chance to return, Srinivasan bluntly rejected such a suggestion.
Patel refuted the BCCI's claim that the franchise defaulted on a Rs 156 crore annual payment.