Condonation of delay under Section 119(2)(b) granted to file income return to uphold approved resolution plan

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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.....