The AIBA had earlier set a May 14 deadline for the formation of the Boxing Federation of India (BFI), but has agreed "in principle" to extend it given the "logistics" involved.
"Seeing the progress that has been made towards constituting the BFI, the AIBA has agreed to extend the deadline from the previously set date of May 14. They have not given us any specific fresh deadline but have assured that our boxers will not be stopped from competing in the Olympics," a top official told PTI.
The AIBA had earlier declared that it would bar Indian boxers from the Olympics if a new national body does not take shape by May 14. Only one Indian boxer -- Shiva Thapa (56kg) -- has qualified for Rio Olympics so far with two more qualifying events -- one each for men and women -- still to go.
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"As per BFI constitution, we need 21 days notice and as per AIBA Statutes, they also need a month's notice and Electoral College for their scrutiny. So considering all this, I think election may take place by this month end or so," the official said.
The BFI will adhere to the National Sports Code, which puts a cap on the age and tenure of office-bearers.
Mudgal, citing his busy schedule, has chosen to send a few recommendations.
Indian boxing has been in administrative turmoil since
2012 when the erstwhile Indian Amateur Boxing Federation was terminated for manipulation in elections.
The body that took shape after that -- Boxing India -- in 2014, also could not run the show and was dissolved by AIBA following a revolt by the state units.
To put the situation in perspective, a record seven men and one woman boxer had qualified for the Olympics in 2012, while only one has so far made the cut for Rio.
Add to this, the Indian boxers have been forced to compete under the AIBA flag instead of the tri-colour because of the ongoing situation.