what will happen if NKP decides it cannot hand over the $20m...

what will happen if NKP decides it cannot hand over the $20m (plus $40m) for IGC's 15% stake???

Is there an obligation for IGC to continue to spend funds on the Tubatse project?

With the time delay one can only assume that there is no deal. We await official notification by both parties.

Once news is known then a better appreciation of IGC's sp potential can be established. For now there is too much risk in investing in the stock in my opinion.