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Deepa,
I’m out of suggestions without having being able to dig into the schedule itself. I did do some research on the web and came up with a link that may help.
https://answers.microsoft.com/en-us/msoffice/forum/msoffice_project-mso_winother-mso_2013_release/ms-project-pro-2013-status-of-summary-task-late/fa924282-6d41-4262-89db-f8cfe3bbe733
There also seems to be a lot of discussion threads related to the Late status being wrong.
Anyone else in MPUG land have a suggestion?