35 years ago, Westpac abandoned a massive IT program called CS90 (90 gives you an idea of what year it was supposed to be released). If you google it (
https://www.google.com/search?q=cs90+westpac) you'll find lots of articles. Costs reportedly varied between $150 million recorded as a cost and $500 million spent (but no actual value).
It was a massive failure, and was supposedly, at the time, going to break the bank.
Obviously it didn't.
People who weren't around at the time are probably the same people saying that the ASX Chess Replacement is the same.
It is - it is a massive failure, will have cost much more than the written down value, ASX will use accounting tricks to the limit of the law to reduce the amounts they write down as losses, may or may not learn from their mistakes, and will move on - later than they will have hoped, and at much higher costs than they will have hoped. But it won't break them (nor should it - for being an IT failure).
Whether or not they should be a monopoly (they're not - you can list on NSX if you want) is a separate question.
As for ISXFU - the court case won't be binary for them; here's why:
They're probably not going to list anyway; there's no sign that they're actually trying to do so in a timely way; all of the releases from the company appear to be written to look like they're trying without committing to a firm timetable.
If they lose the case, they have (yet another) great excuse. As is noted upthread, there's a delay built in with a case not scheduled until August that blows their announced timeline out of the water already - and they'd know that.
If they win the case, great, they can list, but oops, they've now got to wait for their case to start - and then finish. Their last AAT case - over the name of a company that their co-investor has written down to $0 - took three years from start to finish.
And will they be a disrupter? In what? Stock clearing? NSX has written down their investment to $0. Electronic Payment? What have they got that anyone else who entered the market before them hasn't already got, earlier, cheaper, and faster? Identify verification? Yeah, might have been a great idea, but now every many and their dog has it as a service, so that's out the door too. SEPA rails? Probanx? They're services, that return profits, that pay the major shareholders their income as employees, but they're not disrupters. They're just products. Good? Probably. Worth a 10x or 100x multiple? Yeah, Nah.