Rajasthan Royals and the Board of Control for Cricket in India (BCCI) on Monday agreed to take the dispute over the Indian Premier League franchisee's contract termination to an arbitrator.
Rajasthan Royals moved the Bombay High Court last month after the BCCI terminated the contract with them for the IPL.
However, at Monday's hearing Rajasthan Royals' lawyer Janak Dwarkadas told the court that both the parties have decided to solve the dispute through arbitration as per their contract terms. He also said that justice B N Srikrishna would be the sole arbitrator.
Justice S J Vazifdar adjourned hearing till November 18.
Another IPL franchisee Kings XI Punjab has also challenged termination of regulation of its contract with BCCI.
Kings XI's lawyers told the court that his client too is seeking resolution of dispute through arbitration and the franchisee would be willing to accept arbitration before Justice Srikrishna.
The court then posted the matter of Kings XI for hearing on November 18.