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I don't think you understand the current situation of the BCCI. They are usually in the news for corruption and other reasons and now these sponsorship and advertiser issues made their situation even worse.
Are you claiming that BCCI has gone from the richest cricket body to loosing everything, what about the other cricket bodies during this period, there is no matches and everyone is suffering during this period and it is not a situation that is enforced on BCCI alone and with the sponsorship issue, they will get a thousand other sponsors if they loose one and hence it is not even a big deal.
On top of all this, they have suffered huge losses thanks to COVID which is why it isn't just about the funds. It seems that they are looking at Sep-Oct to conduct IPL though I am expecting them to postpone the event once again.
As i mentioned above the COVID situation is not exclusively for BCCI or cricket, there is no NBA and they are loosing millions and so does many sports and some are not even willing to restart the sport without live gate.
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Being a regular visitor to India, I would say that the Indian laws are flexible. VIVO can go to the court and it is even possible that they may get a favorable ruling from the judges. But the government can pass a bill with two-third majority in the parliament to reverse the judgement. And under current circumstances, it will be suicidal for the Indian opposition parties to support VIVO.
I am not familiar how the law works in India but the supreme court could uphold the law if it is unconstitutional and if there is an agreement and they want to annul the contract without proper reason then logically they could get the protection from the court.