The High Court here on Wednesday asked Deccan Chronicle Holdings Ltd (DCHL), the promoter of the Hyderabad franchisee of Indian Premier League (IPL) team Deccan Chargers, to provide an unconditional bank guarantee of Rs 100 crore to the Board of Control for Cricket in India (BCCI) within 10 days to be able to play in the next season of the IPL.
If the beleaguered DCHL manages to furnish the guarantee, the termination of the franchise agreement with Deccan Chargers will stand revoked.
The high court also appointed retired Supreme Court judge C K Thakkar as the arbitrator and suggested all the disputes between DCHL and BCCI be settled through an arbitration process.
The case is being heard by judge S J Kathawala, who after hearing both the parties, suggested the issue be settled through arbitration within 10 days.
In another twist, YES Bank, which had yesterday urged they be made a party to the petition, on Wednesday took a U-turn and withdrew its plea.
DCHL counsel, Zal Andhyarajunam, assured the court that a consortium of 9-10 banks, led by YES Bank, had agreed to finance and help run the IPL team. The counsel also said they would clear the dues of the players, of close to Rs 33 crore.
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On Monday, the court had the two parties to settle their dispute over termination of the franchise by referring the matter to a mutually acceptable arbitrator.
BCCI had terminated the contract of Deccan Chargers at an emergency IPL Governing Council meeting in Chennai, which DCHL had challenged in the high court.
The contract of the players will come up for renewal on October 31.