India want West Indies to pay almost $42m (£26.2m) compensation for pulling out of their tour last month, it has been claimed. Scheduled to play five ODIs, a Twenty20 and three Tests against India, the West Indies players – led by their captain, Dwayne Bravo – pulled out of the series after the fourth ODI in Dharamsala on 17 October citing a dispute over players’ contracts with their cricket board.

ESPN Cricinfo says it is in possession of a four-page letter sent from the Board of Control for Cricket in India to the West Indies Cricket Board outlining that it “intends to enforce its rights to seek compensation from the WICB to the fullest extent permissible in law”.

“The consequences of not delivering a scheduled home tour is crippling,” the BCCI letter is reported as saying. The board is faced with huge revenue losses, a loss of reputation and is at risk of losing valuable commercial partners. “The consequences of cancellation of a committed home tour during the biggest festival season Diwali in India is a monumental disaster for the BCCI.

“It is during this season that our partners derive the most value from their rights. Pending resolutions of all disputes, the BCCI suspends all bilateral cricketing relations with the WICB.”

It has been reported that the BCCI quantifies its losses as $41.97m despite Sri Lanka helping to fill in the void caused by West Indies’ withdrawal by agreeing to play a five-match ODI series. “This is because the Sri Lanka Cricket Board has not committed to any additional tour of India but has only advanced its 2015 Tour to 2014,” the BCCI secretary, Sanjay Patel, is quoted as saying. “In return, the BCCI has agreed to tour Sri Lanka in 2015, whereby it has permanently and irretrievably lost a valuable home tour.”

The WICB, the West Indies Players’ Association and representatives of the West Indies squad met in Jamaica last weekend in an attempt to resolve the dispute. The talks were described as “cordial, positive and fruitful” by the WICB, but as yet no firm agreements or resolutions have been found.