The high court had on December 4 ordered a status quo after acting on an injunction application filed by Baseline Ventures. The court had earlier given two weeks to both parties to come to an amicable solution.
Sources told that the status quo has now been extended till January 3.
The VFI had in November terminated a 10-year agreement with Baseline Ventures for the Pro Volleyball League, citing a breach of contract by the latter. It decided in its AGM that it will be looking to form another volleyball league.
Following this, Joy Bhattacharjya, CEO of Baseline Ventures, had rejected all the accusations of the company manipulating the accounts as made by VFI Secretary General Ramavtar Singh Jhakar and said that they would take legal action against the sport's governing body.
"They cannot terminate the contract. They should first tell what mistakes we committed, giving us a timeframe of 10 days to respond. If that doesn't happen, only then they can terminate the contract. It's illegal," Bhattacharjya had told .
"A termination notice was received from the VFI with no substantiation on the reasons for termination. VFI didn't send us even a single query or email regarding what they consider as breach of agreement. They just said that they apprehend that the accounts are manipulated. It's complete injustice with Baseline Ventures," he had said.
( With inputs from IANS )