The Indian cricket board is now free to take any decision with regard to the termination of the IPL franchise, the Deccan Chargers --- at least for now.
In a major setback to the Deccan Chronicle Holdings Limited (DCHL), the owners of Deccan Chargers, the Bombay High Court on Saturday revoked an order passed by arbitrator, Justice CK Thakkar, directing the BCCI to not proceed further on the termination proceedings.
Justice Thakkar had passed the order to maintain status quo on Friday evening when the DCHL approached him after failing to get more time to submit the Rs. 100 crore guarantee.
"The Chargers' inability to submit the bank guarantee and the lifting of the stay issued by the arbitrator means the termination of the Chargers stands," a press release issued by BCCI honorary secretary, Sanjay Jagdale, stated.
The release further said the DCHL had breached the condition, set by the court, to furnish a bank guarantee of Rs. 100 crore by 5 pm on October 12.
"Notwithstanding the court's refusal to extend time to DCHL, the arbitrator passed the order of status quo last (Friday) evening," the release added.
"In view of the quick developments, the BCCI moved an appeal before the Bombay high court against the arbitrator's order and it was heard on Saturday morning," the release stated, adding, "The court stayed the order of the arbitrator after hearing both the parties."
The matter will again come up before the court on Monday as the DCHL has filed a review petition against the judge's order, denying it more time to furnish the bank guarantee or sell the team.