Notification No. 12/97-Customs(N.T.) amendment adds Malur Inland Container Depot in Karnataka to authorized locations for import unloading and export ...
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The HC allowed the petition and directed condonation of delay under section 119(2)(b) for filing the return of income, holding that refusal would cause genuine hardship and frustrate the NCLT-approved resolution plan. The court found the petitioner assumed management only after approval of the resolution plan, promptly audited accounts and filed returns, and faced administrative impediments including prior non-audit and GST cancellation (later restored). The HC emphasized that denying carry-forward rights would nullify the resolution plan binding on authorities; it did not adjudicate entitlement to losses but granted relief to effectuate the resolution process and avoid genuine hardship to the petitioner.
The HC allowed the petition and directed condonation of delay under section 119(2)(b) for filing the return of income, holding that refusal would cause genuine hardship and frustrate the NCLT-approved resolution plan. The court found the petitioner assumed management only after approval of the resolution plan, promptly audited accounts and filed returns, and faced administrative impediments including prior non-audit and GST cancellation (later restored). The HC emphasized that denying carry-forward rights would nullify the resolution plan binding on authorities; it did not adjudicate entitlement to losses but granted relief to effectuate the resolution process and avoid genuine hardship to the petitioner.
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