The Supreme Court today ordered Board of Control for Cricket in India (BCCI) to deposit Rs. 100 crore as a condition for a stay of an arbitral award against it in favour of Kochi Cricket Pvt. Ltd..A Bench of Justices AK Goel and Indu Malhotra heard the appeal filed by Kochi Cricket before passing this direction..An arbitral award of Rs. 800 crore was passed by retired Supreme Court judge Justice RC Lahoti in favour of Kochi Cricket..BCCI had the filed a Section 34 application before the Bombay High Court challenging the award. The High Court had proceeded to stay the arbitral award unconditionally..This was challenged by Kochi Cricket in the Supreme Court..The Supreme Court Bench, besides directing the deposit of Rs. 100 crore, also asked the High Court to dispose of the Section 34 application expeditiously..More to follow..Image courtesy: Livemint
The Supreme Court today ordered Board of Control for Cricket in India (BCCI) to deposit Rs. 100 crore as a condition for a stay of an arbitral award against it in favour of Kochi Cricket Pvt. Ltd..A Bench of Justices AK Goel and Indu Malhotra heard the appeal filed by Kochi Cricket before passing this direction..An arbitral award of Rs. 800 crore was passed by retired Supreme Court judge Justice RC Lahoti in favour of Kochi Cricket..BCCI had the filed a Section 34 application before the Bombay High Court challenging the award. The High Court had proceeded to stay the arbitral award unconditionally..This was challenged by Kochi Cricket in the Supreme Court..The Supreme Court Bench, besides directing the deposit of Rs. 100 crore, also asked the High Court to dispose of the Section 34 application expeditiously..More to follow..Image courtesy: Livemint