of the one which has arisen due to deluded understanding
प्रमादात्pramādāt
by ignorance
रज्ज्वांrajjvāṃ
in the rope
सर्पःsarpaḥ
serpant
भ्रान्ति–कालीन एवbhrānti–kālīna eva
exists only at the time of delusion
भ्रान्तेः नाशेbhrānteḥ nāśe
when the delusion disappears
न–एव सर्पः अपिna–eva sarpaḥ api
even the serpent does not exist
तद्वत्tadvat
likewise
Translation
The reality of this (the intellect sheath), which has arisen due to deluded understanding and ignorance, exists so long as the delusion exists. It is like the (reality of a) serpent which exists only at the time of delusion and disappears when the delusion disappears.
Annotation
Deluded understanding disappears when the knowledge of its substratum arises. The notion of being a transmigrating entity disappears when the understanding that “I am Brahman” arises. The knowledge of the substratum removes ignorance and all its effects too (Jagadguru).