After simulation, play the animation. Take a note - in which frame the ball touches the bottom of the basket and the basket gets its most suitable shape.
Say, at the Frame No. 58, the ball touches the bottom of the basket. So go to that frame and select the basket. Now go to modify panel. Right click on the Reactor Cloth in modifier stack and click Collapse All. If a Warning box appear click "Yes". The basket is collapsed to an Editable Mesh".
Now, while the basket is still selected, enter into the Vertex sub-object of the Editable Mesh. Then select & delete its most bottom vertex.
