The Board of Control for Cricket in India (BCCI) has got a stay against the status quo order by the court-appointed arbitrator in the Deccan Chargers' termination case.
The BCCI had moved an appeal against the order of arbitrator, which was heard today morning.
After hearing both the parties, the High Court stayed the order of arbitrator, which effectively means that the termination of the cash-strapped Deccan Chargers franchise stands.
The BCCI-Deccan Chargers case is stretching like a daily soap with more twists and turns every day.
Earlier on Friday, Deccan Chronicles Holdings Ltd (DCHL), the promoters of the Hyderabad franchisee, announced that they got a buyer in Kamla Landmarc for the franchisee.
However, it failed to furnish the bank guarantee of Rs 100 crore and Bombay High Court refused it any further extension.
It would have resulted in the termination of the contract. But later, the arbitrator, retired Supreme Court judge Justice CK Thakker held his first meeting with both the parties and passed a status quo order till the next hearing.
This forced the BCCI to file a special appeal in the court, pleading that the case should be heard on a non-working Saturday, where it questioned the arbitrator's jurisdiction over ordering the status quo.
The High Court had on September 26 appointed Justice Thakker as the arbitrator only to verify whether the termination of the team by BCCI was valid or not. As per BCCI sources, he should not have given order on the status of the termination on the first hand.
On October 1, the High Court had announced its order that if DCHL fails to furnish the unconditional bank guarantee within the set deadline of 10 days, the stay order on termination would lapse.
However, DCHL got another extension of three days by the HC earlier this week.