The International Cricket Council's (ICC) dispute panel on Tuesday dismissed Pakistan Cricket Board's (PCB) compensation claim against Board of Control for Cricket in India (BCCI) for allegedly failing to honour a Memorandum of Understanding (MoU) on bilateral series.

This was a major victory for the BCCI as the PCB had made a claim amounting to Rs 447 crores.

"PCB case against BCCI dismissed by dispute panel," the ICC posted on its official Twitter page.

The ICC had appointed a three-member Dispute Resolution Committee for looking into the compensation claim made by PCB against India.

The three-member panel headed by Michael J Beloff, with Annabelle Bennett and Jan Paulson as its members conducted the hearing took place at ICC's headquarters here from October 1-3.

The PCB had demanded compensation after alleging that the BCCI didn't honour the MoU that required India to play six bilateral series between 2015 and 2023.

The BCCI, on its part, maintained that the alleged MoU was not binding and did not stand as Pakistan failed to honour a commitment to support the revenue model suggested by India for the ICC.

After careful deliberation based on statements from all parties concerned, the panel reached the decision that dismissed the claim made by the PCB.

India vs Pakistan
Rohit Sharma and Sarfraz Khan during the pre-tournament press conference in Dubai before the Asia Cup.ISHARA S. KODIKARA/AFP/Getty Images

In a brief report on their official website, ICC wrote, "Following a three-day hearing and having considered detailed oral and written submissions, the Dispute Panel has dismissed the PCB's claim against the BCCI. The judgement, which can be found here in full, is binding and non-appealable."

Former external affairs minister Salman Khurshid was among those who were cross-examined during the hearing. According to a senior BCCI official, he justified India's refusal to play bilateral cricket with Pakistan, citing security concerns.

Speaking on the victory, CoA chief Vinod Rai told PTI that he was grateful to the BCCI legal team before going on to add that they will now press counter charges against the PCB.

"We are happy that our stand has been vindicated. What PCB termed as Memorandum of Understanding (MoU) was just a proposal letter.

India vs Pakistan, Champions Trophy, R Ashwin, India cricket, Haris Sohail, Ajinkya Rahane.
India vs Pakistan cricket match in 2015.Reuters

"I would like to thank the BCCI legal team as well as everyone who worked on this arbitration," Rai said.

"We will make a presentation to the panel and demand the entire cost of compensation to be borne by the PCB for the arbitration where their claims have been dismissed."