Why was IPL team Kochi Tuskers Kerala terminated? BCCI asked to pay INR 3,855 million to franchise which played only one season

The Bombay High Court has directed the Board of Control for Cricket in India (BCCI) to pay INR 385.50 crore ($44 million) and INR 153.34 crore ($17 million) to Kochi Cricket Private Limited (KCPL) and Rendezvous Sports World (RSW), respectively. The payment has been asked to be made in lieu to wrongfully terminating now-defunct Kochi Tuskers Kerala IPL franchise in September 2011, which was owned by KCPL and RSW. The order was passed in response to the BCCI's appeal against the arbitral order passed in 2015.

Why was Kochi Tuskers Kerala terminated?

The franchise, which played in only one season in IPL 2011 (referred as 2010 season by the BCCI), was terminated by the BCCI for allegedly breaching the terms contract - in this case - failing to submit a bank guarantee before the deadline. The termination led to arbitral proceeding by both the parties and the decision was announced in favour of the IPL franchise in 2015 against which the BCCI filed an appeal.

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According to the BCCI, Kochi failed to submit the bank guarantee even after six month past the deadline for the 2011 season. The original date for the meeting the set criteria was March 2011 but the IPL franchise hadn't submitted the bank guarantee till September 2011, as per the BCCI, following it was issued a termination notice.

"Because of the irremediable breach committed by the Kochi franchise, the BCCI has decided to encash the bank guarantee [for 2010] in its possession and also terminate the franchise," BCCI president N Srinivasan had said in 2011 as reported by ESPNCricinfo.

How did Kochi Tuskers Kerala perform in IPL 2011?

In its only IPL season, Kochi Tuskers Kerala won six and lost eight games out of 14 and finished eighth on the 10-team points table.

Who played for Kochi Tuskers Kerala in IPL 2011?

The squad by led by former Sri Lanka batter Mahela Jayawardene with other big names being VVS Laxman, Brendon McCullum, Steve Smith, Ravindra Jadeja, Muthiah Muralidaran and Sreesanth.

Full squad of Kochi Tuskers Kerala in IPL 2011

Mahela Jayawardene, Deepak Chougule,Brad Hodge, Michael Klinger, VVS Laxman, Chandan Madan, Sushant Marathe, Brendon McCullum, Parthiv Patel, Owais Shah, Steven Smith, Tanmay Srivastava, Yashpal Singh, Gnaneswara Rao, Raiphi Gomez, John Hastings, Ravindra Jadeja, Kedar Jadhav, Steve O'Keefe, Thisara Perera, Padmanabhan Prasanth, Balachandra Akhil, Muthiah Muralidaran, Ramesh Powar, RP Singh, Sreesanth, Vinay Kumar, Prasanth Parameswaran