Hey Prasad!
Unfortunately, that is not possible at the moment.
The Team Calendar Restrictions exists for Viewing/Editing only. It means that you can prevent users from Viewing a given Team Calendar or preventing/allowing them to edit a Team Calendar.
The edit permission includes the hability to delete calendars and it is not possible to modify which permissions inside the edit permission that a given will user will have. In a nutshel, it means that if you give the edit permission to an user, there's no way to restrict him/her from deleting a calendar.
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