According to common logic and some data on the net, the answer must be "YES". So yes, the TCAS must have failed due to bad (inconsistent?) altitude data, but whether the data was really wrong or the source of the data just stopped functioning, is impossible to tell.
When searching the net for this topic, I came to this youtube link called "Part of the series of 32 training videos of the A320. [17] IR 1 Fault IR Dis" This video is not for the faint of heart. Captain and co-pilot are going through FIVE MINUTES of checklists related to the failure of the system providing flight data... Maybe this checklist is doable in the safety of the simulator & VFR conditions when one can see the horizon... But I don't believe such a checklist can be completed over the ocean at night, with thunderstorms around, the plane out of control, multiple other alarms and the captain not in the cockpit!!!
Last edited by ap08; 30th May 2011 at 20:48.