Its time to show ICC their place and what they are worth. If BCCI pulls out of ICC, so will most of the sponsors in international cricket, majority of which are Indian companies. If BCCI decides to set up another cricket council, the other Asian country cricket boards will surely back BCCI considering that all the Asian countries have sometimes or the other, faced abuse at the hands of the white playing countries.
This is the time that BCCI has to stand up and protect the nation's honour. This should be the only consideration when handling this issue. Commercial considerations? Well I think BCCI has enough money to bear the commercial impact of any extreme action.