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How many times can you decline a cancel request from a buyer?

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As a Freelance Programmer, I have had to face a good mix of a variety of clients over the past years, but today is perhaps the real litmus test as I'm facing my trickiest client ever. The web development project is presently past a month of work and week in delay as of today. Here is the sequence of events:

18th APRIL: Client orders the web project, deliverables include PHP source code and deployment to their server.

We keep having discussions regarding the type of chart needed, APIs to access the needed chart data, etc. Delivery date was extended once to 28th APRIL.

8th MAY: I provide the first delivery of source code and also deploy the app to their server through SFTP. They test it a bit and then they order a revision on 9th, asking for some changes. Delivery date extends to 17th MAY.

17th MAY: I provide the second delivery. They say they can't test properly, issues in the chart regarding units, currency, etc. Request a few minor changes. They agree to extend the date to 27th MAY.

2nd JUNE: I provide the third and latest delivery after performing all the fixes. And today, I'm altogether shocked as they're asking for cancellation of the order citing "poor work quality", "chart does not work at all", "project was significantly delayed", etc.

I'm at a real loss here. The problem is that instead of communicating with me, they just straightaway create this dispute through the resolution center. Now, obviously I declined the cancellation request. Accepting it would mean that not only my rating would go down but so will my month's hard work of coding and designing which I have put into this app. The app is perfectly functional, I have put screenshots and everything. At best, I can work on a partial resolution with part refund or something like that, but they don't seem to be in the mood as they just sent another cancellation request. I have 48 hours, it seems, to once again decline or it will get cancelled automatically.

The question is, how long can we keep playing this game (them creating the cancellation request and me rejecting it again and again every 48 hours) ? And if they actually contact Fiverr support and ask them to cancel and refund, will they oblige? I don't understand what should I do here. What are the pros and cons of accepting the cancellation request (or rejecting it) in this situation?

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