The London High Court dismissed the bankruptcy order against former IPL Commissioner Lalit Modi, his legal counsel said.
Modi was declared bankrupt in a London court over unpaid bills of £65,000 (Rs 53 lakh approx) to the Page Group, a private security firm, for services provided in 2010.
An ex-parte order was obtained by the Page Group.
"However, the said ex parte order was sought to be annulled by Lalit Modi on the grounds that firstly, that there was no service of any demand notice or petition of the court on him. Secondly that the said claim was disputed and thirdly it did not qualify as liquidated debt and consequently for such a claim bankruptcy provisions can not be invoked," Modi's General Counsel Mehmood Abdi said through a press release.
After the judgment, Modi said," This was an order that should never have been granted in the first place, so I'm delighted it has been dismissed."
The bankruptcy order was passed in February.
The former BCCI vice-president and cricket entrepreneur, who now lives in London, had said that it was an attempt to gain cheap publicity by the securities firm.