Delay payment on repayment of loan, Accounting - Auditing

[GIREESH CHAWLA]

Company has sent instruction to its bank for payment of installment of repayment of loan to lander institution on last date within normal banking hrs. Due to technical reason borrower bank could not execute RTGS on the same and do the RTGS on very next day. Lander bank get credit after a day from the stipulated date.

Would it be qualify for CARO compliance of default in repayment of loan or it is a simple procedural delay beyond the control of borrower.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

In my view it is not a default because the delay is not attributed to you.