Mumbai, Sep 27: Deccan Chargers heaved a sigh of relief as they got a 10-day lifeline following Bombay High Court's decision on Wednesday.
It is learnt that Deccan Chronicle Holdings Limited had agreed to pay a bank guarantee of Rs 100 Crore.
Justice SJ Kathawala, also said that if the franchise fails to furnish the amount mentioned by the High Court, the team will be terminated from IPL.
A day after 'Yes Bank' said it would intervene in the dispute, withdrew its petition on Wednesday as Deccan Chargers were given a 10-day lifeline to pay the unconditional bank guarantee.
The court also said that after Deccan Chargers transfer the amount to the BCCI, to pay the overseas players, the demand drafts issued earlier can be returned to the franchise.
Accordingly, the case has been sent to CK Thakkar, arbitrator appointed by the court, and has been instructed to start the proceedings soon and should be completed within three months.