A war of words was sparked between AIBA and BFI last month, when the former transferred the 2021 Men's World Boxing Championships from New Delhi in India to the Serbian capital of Belgrade.

It claimed BFI had not paid the hosting fee required as part of the Host City Agreement.

BFI then issued a strongly worded statement against AIBA, accusing the governing body of taking a "hasty" decision "without consultation."

AIBA responded that they had "no choice" but to strip New Delhi of its hosting rights for the Championships.

Speaking to the Times of India earlier this week, AIBA President Mohamed Moustahsane revealed the details of the financial dues owed to AIBA by BFI. 

"The total contract amount agreed between the AIBA and BFI for the men's World Championships was $4,000,000 (£3.2million/€3.6million) and the first instalment - or half the bidding fee amount of $2,000,000 (£1.6million/€1.8million) - was agreed to be paid by the BFI on December 1 2019," he said. 

"When the BFI did not pay $2,000,000 on the promised date despite several mails and reminders from AIBA, we chose to exercise our right to impose a $500,000 (£400,000/€460,000) penalty, which was part of the original contract, on the BFI for dishonouring the contract.

"So, they will now have to pay the penalty."

The Indian newspaper has now claimed it has seen the minutes of AIBA's Extraordinary Executive Committee meeting in Lausanne on November 21 2019, during which the opening of bidding for hosts of the 2021 World Championships was reportedly discussed. 

"On November 21, they decide to open new bids without even informing the BFI," a BFI official said, according to Times of India. 

"They didn't even wait for December 1, which was the due date to pay the first instalment. 

"We were in the process of arranging the money.

"They decided amongst themselves without consulting the BFI.

"As per the contract, a member federation who has been allotted the hosting right gets a 30-day grace period to make the final payment. 

"If not paid, then the contract can be terminated. 

"So, when we didn’t pay on December 1, the extended deadline was December 31.

"On December 17, we asked for a clarification on whether our original bid still stands and whether we still own the hosting rights for the Championships. 

"There was no response from the AIBA, they didn’t reply back until December 31. 

"It meant AIBA had pre-decided to allot the event to a new member federation."

AIBA also claim BFI have not paid $360,000 (£290,000/€332,000) for hosting the 2018 Women's World Boxing Championships in New Delhi. 

Times of India reported AIBA may take legal action or suspend BFI if they do not pay their dues. 

Moustahsane also revealed his scepticism regarding the BFI's latest claim. 

"They didn’t pay even after the deadline expired," he said. 

"If they really had any intention to pay, they would have paid the amount earlier or even after December 1. 

"All I hear from them is excuses and nothing else. 

"If the BFI is defaulting on a few hundred thousand, how would they pay millions."

Insidethegames has contacted AIBA for comment.