Mumbai keeper Luis Amado scored while his Kochi counterpart Casslone muffed his chance in the penalty shootout after both sides were tied 1-1 at the end of regulation 40 minutes.
Mumbai were on the brink of losing the summit clash but their in-form Colombian player Angellot equalised one minute before the regulation time (39th minute) to bring his side back into the match.
In the shootout, Ryan Giggs and Michel Salgado missed the target and two teams were tied at 2-2, forcing the match to be decided via sudden death at the Peddam indoor Stadium here.
For Mumbai, Angellot and Perez scored in the shootout while Chaguinha and Gekabert found the target for Kochi.
The first quarter saw a strong defene by the Kochi 5's even as both the teams played aggressive Futsal. Kochi's Anupam and goal-keeper Cassalone were outstanding as they thwarted Mumbai 5's attack. Mumbai keeper Luis Amado too made outstanding saves.
While Kochi failed to convert a couple of free kicks in the quarter, it was brilliant co-ordination between Chaguinha and Moraes which helped them score the first goal of the game to take the lead in the 8th minute. Mumbai too had their chances, but missed them narrowly on occasions, especially one by Ryan Giggs.
Chaguuinha evaded the Mumbai defence and sent a pass to Moraes who netted the ball.
In the second quarter, Kochi got another free kick but failed to convert it. The highlight of the quarter was Kochi's strong defence, which stood like a wall between the opponents and the goal and ensured that their lead remained.
In the third quarter, a desperate Mumbai 5's, with Giggs back in action, looked more aggressive. On an occasion, Giggs failed to score with only the keeper to beat.
Kochi had some counter-attacks but were unable to extend their lead. It was again Kochi goalkeeper who saved some direct hits by Mumbai players. Mumbai got a free kick but it yielded no result. Some of their shots were too wide as the score board remained at 1-0.
In the fourth and decisive quarter, Mumbai again missed a free kick. Though they were much more aggressive in a bid to score, Kochi's keeper continued to do what he did the best, save hits.
Mumbai changed their strategy and were near Kochi goal post. The strategy worked as Angellot scored the equaliser which eventually played a key role in his team's win.
Giggs lifted the trophy as his team-mates erupted in joy.