IMO, IPL can take place with some regulation like no foreign players till april 15 and closed stadium for some weeks till covid-19 gets erased from our country and then everything can become as it should be, like foreign players in India from April 15, only 3-4 matches for each team can happen in this time, and opening of stadiums for viewers (if possible only).
Cancellation can cause huge blow for BCCI and Star, After Star brought the rights for a horror amount.