Kapil Dev, the legendary Indian all-rounder who spearheads the ICL, said the tournament would now start when more international cricketers are available.
"We all sat together and felt mid-November is the right date, because at that time international cricketers should also be free to play," Dev told CNN-IBN television.
"November 17 is the target date but still let us wait till it is officially announced," he added.
The ICL, which plans to hold Twenty20 tournaments between city teams for the next three years, has signed up seven international stars and 44 Indian first-class cricketers.
Former Test captains Brian Lara of the West Indies and Inzamam-ul-Haq of Pakistan lead the list that also includes Pakistanis Mohammad Yousuf, Abdul Razzaq and Imran Farhat and South Africans Lance Klusener and Nicky Boje.
The Board of Control for Cricket in India (BCCI) has barred Indian players aligned to the ICL from playing first-class cricket, making them ineligible for selection for national teams.
The BCCI, apparently in a bid to counter the breakaway group bankrolled by media baron Subhash Chandra, has announced its own international Twenty20 league to be held in April-May next year.
Dev denied that the postponement had anything to do with lack of funds.
"I think if there was no money they would not have started. I think business people know and I hope they have a deep pocket and I hope they are ready to spend and they are spending the way we are expecting," he said.
Details of where the ICL tournament will be played would be made public soon, the ex-India skipper said.
"The camp is already in progress in Chennai and all the 50 young guys are attending the camp."