We consider here the effects of a non-vanishing cosmological term on the
final fate of a spherical inhomogeneous collapsing dust cloud. It is shown that
depending on the nature of the initial data from which the collapse evolves,
and for a positive value of the cosmological constant, we can have a globally
regular evolution where a bounce develops within the cloud. We characterize
precisely the initial data causing such a bounce in terms of the initial
density and velocity profiles for the collapsing cloud. In the cases otherwise,
the result of collapse is either formation of a black hole or a naked
singularity resulting as the end state of collapse. We also show here that a
positive cosmological term can cover a part of the singularity spectrum which
is visible in the corresponding dust collapse models for the same initial data.Comment: 18 pages, no figure