India confirmed their participation in next month's Champions Trophy in England and Wales on Sunday after initially delaying the announcement.
It was decided that the squad for the series will be picked on Monday.
The decision comes unanimously after the BCCI's Special General Meeting held in the national capital today. It began as a vote against the move to revise the proposed revenue format of the ICC which is now snowballed into a massive standoff threatening to even pull India out of the upcoming Champions Trophy.
The dispute intensified when India did not submit a squad for the one-day worldwide tournament by an April 25 deadline after its cricket board (BCCI) failed to stall a new income model being adopted by the global Cricket Council (ICC).
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"But I can confirm India's participation in the Champions Trophy", Khanna maintained. "Secretary of the BCCI [Amitabh Choudhary] to continue negotiations with the ICC in the best interest of the BCCI while keeping its legal options open", the statement said. The ICC Board had approved a new constitution, a new governance structure, and a new finance model, with the other Full Members outvoting the BCCI.
"The all-India senior selection meeting will be held tomorrow, May 8, in New Delhi to pick the team".
Earlier, the Committee of Administrators - appointed by the Supreme Court - had asked the BCCI against taking a strong stand as that would hamper future relation between the ICC and the BCCI. "We will inform the Supreme Court about their concerns", a source close to COA said.
The committee headed by former Comptroller and Auditor General of India (CAG) Vinod Rai has made a decision to accommodate the BCCI's concerns on three of the most contentious Lodha Committee recommendations and the Board has chose to drop its hostile stance towards COA.