The IHC declared as null and void the election of Zaka Ashraf as PCB chairman in May and stripped the acting chairman Najam Sethi, appointed in late June, of major powers and reversed his decisions.
It also called for a five-year audit of the PCB and national academy accounts by the Auditor-General of Pakistan in a 30-page judgment which was officially released on Tuesday.
"The PCB has in principle decided today to file an intra-court appeal against the judgment of the IHC given on a constitutional writ petition," the PCB said in a statement.
The court's decision could also result in gridlock on matters such as team selection for the tours of Zimbabwe and Singapore and the home series against South Africa, all of which are before end October, the statement added.
"Furthermore, the PCB needs to conclude arrangements for media broadcasting agreements... for which tenders are required to be floated on an urgent basis, failing which PCB will suffer colossal monetary losses," it said.
The PCB also said the judgment raises concerns relating to ICC guidelines on the non-intervention of government in the administrative affairs of the board.
Sethi had this month appointed former test captain Moin Khan as chief selector, but the legal advisor of the board Tafazzul Rizvi said until an appeal was heard the situation remained unclear.
- Najam Sethi