The British Indian Ocean Territory is probably better known in the tech world for its top-level domain: .io.
There’s gotta be someone willing to fund this.
Whether they choose to NOT APPLY those policies is a different matter that, again, isn't changed by who owns it but instead by use.
Extensive discussion here: https://news.ycombinator.com/item?id=41729526
TL;DR: ICANN policy forces deletion if CC disappears from the ISO list of countries, with one famous exception (.su); but Mauritius could cut a Tuvalu-style deal to maintain it.
At a minimum I expect that control over the .io domain will go to Mauritius and they'll be able to reassign it as desired (since they never contracted with the hedge fund). But the typical path for a code when its country goes defunct is to get phased out.
IO has been in the ISO standard forever, so there's plenty of historical precedent (like UK). Furthermore, it continues to be descriptive of a specific part of the world (like SU). The easy move here is for the ISO committee to mark IO as exceptionally reserved, for ICANN to declare that this of course makes it a special historical case which sets no precedent, and for everything to continue mostly as usual.
This assumes, of course, that ICANN aren't looking to make some kind of example/statement about misuse of ccTLDs. If they are, things may be different.