New Delhi: The owners of the Kochi IPL franchise have moved the Bombay High Court challenging the BCCI's decision of terminating its IPL franchise contract.
The HC is expected to deliver its verdict on the petition on Wednesday by 3 pm.
The BCCI, had on Monday terminated the contract of IPL franchise Kochi Tuskers Kerala for non-payment of bank guarantee.
The Kochi Franchise (Kochi Kerala Tuskers) that came with a bid of $333 million in March 2010, had threatened for legal action after they were thrown out of the IPL.
The franchise was supposed to renew the bank guarantee (for one-tenth of the bid amount) by March 26, 2011. But despite repeated reminders by the IPL authorities, the controversial team defaulted on a Rs.156 crore annual payment it was to make as bank guarantee.
