Deccan Chargers' failure to furnish the guarantee money before the 5pm deadline effectively means that the BCCI's termination of the team stands and the Board was now free to float the tender for a new franchise.
Deccan Chronicle Holdings Limited, the owner of the franchise, had sought an extension to today's deadline until October 15 to submit an "irrevocable and unconditional" bank guarantee but the High Court refused to grant further time.
Justice S J Kathawala declined to give them more time, saying the earlier deadline of October 9 had been extended by three days to accommodate them.
A top BCCI official said that the IPL Governing Council had earlier decided to terminate Deccan Chargers' contract with IPL and that decision stands.
"We had decided to terminate the contract of Deccan Chargers. It was a decision taken by the IPL Governing Council and only that body can change it. So as things stand, their contract is terminated," the official said.
The court had on October 1 asked DCHL to give the bank guarantee which would be in force for a period of one year.
The BCCI had last month taken the decision to terminate the contract after an emergency IPL Governing Council meeting in Chennai. The DCHL had moved the Bombay High Court challenging the termination.
The court had at an earlier hearing ordered DCHL to bear all expenses for IPL 6 including making payments to BCCI towards franchise, players and support team costs. Besides, it was asked to bear the costs of conducting matches and other expenses. MORE
