India's Supreme Court on Tuesday heard arguments on the petition filed by Zee Telefilms against the decision of the Board of Control for Cricket in India (BCCI) to cancel telecast rights which the network insists were awarded to it for the next four years.
The Court, which heard lawyers from both the network and the cricket Board, adjourned till Wednesday for further arguments.
The BCCI is hoping for an early resolution to the case so that the highly-anticipated Test series can go ahead as scheduled with the first Test at Bangalore from October 6.
Neither the BCCI nor Cricket Australia favour the series being played without live television coverage.
The International Cricket Council (ICC) has said it is mandatory to provide video footage to assist the third umpire in all international matches.
"It is an understatement to say that we are running short of time," a BCCI official said. "Lots of arrangements need to be made to have television coverage."
The BCCI had cancelled TV rights worth 308 million dollars last week following Zee's legal battle with ESPN-Star Sports in the Bombay High Court and said it would make its own arrangements to beam the Australian series on public broadcaster Doordarshan.
Zee, however, cried foul and moved the Supreme Court to stop the Board from awarding the telecast rights to another channel until the Court has decided on the firm's petition.
The Board justified the cancellation on the plea that it had not formalised the deal with Zee on paper and had even returned the interim advance of 20 million dollars deposited by the network.
Zee, India's largest listed media company, alleged there was "a clear collusion and conspiracy" between the cricket Board and ESPN-Star Sports to scuttle the deal.
Zee's offer of 308 million dollars represented a six-fold increase on the 54 million dollars paid by India's state-run broadcaster Doordarshan for the past four years, and dwarfed even the Indian Government's annual sports budget of 44 million dollars.
With cricket taking up three-quarters of sports advertising in India, Zee had expected to rake in revenues of upwards of 320 million dollars over the four years.
The Australian team, which arrived in India on Saturday, will play a three-day tour opener at the Brabourne stadium in Bombay from Thursday.