We don't know where the engine is today, but I hope you are right though.
The JV wasn't a JV, it was just a license production deal of a model the Russians will develop and we pay for. To make things worse, instead of a new design, the IAF was asked to opt for the same T-50 airframe. The Russians argued a new design will take 15 years versus 8 years for the T-50. So that already made the program impractical.
Even after we signed a deal for engine ToT for Brahmos, the Russians later cancelled it. So MoD decided to derisk the program completely. The option was to pay $3.7B and get nothing except license production, or just MKIze the Su-57 in the future at considerably less money and then license produce it. So that same money was instead transferred to the AMCA program.
The IAF was also disappointed with HAL, they had no capability to contribute to its development. So when the IAF brought DRDO in, they claimed they can develop an equal or better jet. And that's how MCA became AMCA. The JV died a long time ago, they simply kept it alive due to politics. HAL was the main cause of killing it. From 50-50, it dropped down to 25-75 and later 15-85. So it ceased being a JV. HAL argued that they can slowly raise it to 50-50 over time, but that's just avionics. And that's via price gouging the IAF by overpricing the avionics to meet the 50-50 quota.
Varthaman looked into many other aspects, like capability, industrial participation and so on, not HAL's scam aspect or the possibility of the Russians not fulfilling contractual obligations.
Right now, there are still two decent options. One is to just outright buy 2-3 MKIzed squadrons or just license produce 6 of the same. It doesn't change anything in terms of bringing in capability from the IAF's perspective. Also, the jet isn't mature, it needs 2 regiments inducted first. Only then can the IAF take a look at it again.