The ICL, bankrolled by India's largest listed media company Zee Telefilms, said it was frustrated at the International Cricket Council's delay in granting it official recognition.
"We had applied for recognition in April, but till now nothing concrete has come out," ICL's business head Himanshu Mody said ahead of their new season starting on October 10.
"They are acting in a tardy manner. If we don't hear anything from them in 14 days we will pursue the matter again."
Media reports said legal action was one of the options the ICL was considering in a bid to hasten a decision.
The powerful ICC-recognised Indian cricket board, which launched its own Indian Premier League Twenty20 competition earlier this year, has banned ICL players from all official matches.
The Indian board also convinced its counterparts from around the world to shun ICL players amid the ICC's stated position that only tournaments okayed by the respective boards would be recognised.
The ICL's first season comprised Twenty20 and 50-overs-a-side matches between eight teams that included a mix of international players and domestic Indian cricketers.
Among the top stars aligned with the ICL are retired former Test captains Brian Lara of the West Indies and Inzamam-ul Haq of Pakistan, besides fiery New Zealand fast bowler Shane Bond and veteran Chris Cairns.
A team from Bangladesh, called the Dhaka Warriors, will be inducted as the ninth team this year and includes 11 internationals led by former Test captain Habibul Bashar.
"Please don't call us rebels," said Bashar, 36. "The ICL contracts do not prevent us from playing for Bangladesh. We are as keen as anyone to play for our country."
ICL chairman Kapil Dev, a legendary all-rounder and India's lone World Cup winning captain, lashed out at the Indian board for treating his players as "untouchables."
"This is not South Africa or the apartheid regime, why are our players regarded as untouchables," Dev told AFP.
"Is it their fault they want to play? We are just trying to provide them with a better life, better conditions, better infrastructure and good medical facilities.
"The Indian board has victimised players for no reason. We are here to promote the game. That is not the monopoly of the Indian board.
"I hope Bangladesh will not ban those players who have come to us. We want them to play for their country and come to us only in their free time."
With Bangladesh cricket in a crisis after the mass exodus and fears of more players signing with the ICL, the Indian board washed its hands of the new developments.
"It has nothing to do with us," said Indian official Rajiv Shukla. "It is a matter between the Bangladesh board, the players and the ICC."
Bangladesh, who are due to host New Zealand for two Tests and three one-day internationals next month, have lost 47 of their 53 Tests with just one win over fellow wooden spooners Zimbabwe.