Loans Qualify as NPAs After 180 Days of Default Under Income Tax Rules, Not 90 Days per NHB Guidelines: Supreme Court Rejects HUDCO’s RP

The Supreme Court has rejected a petition from HUDCO, ruling that "loans qualify as NPAs after 180 days of default under Income Tax Rules, not 90 days per NHB guidelines." This decision is a crucial clarification on the definition of a non-performing asset for tax purposes. The ruling provides a clear distinction between the guidelines of regulatory bodies like the NHB and the rules of the Income Tax Act.