Praxis Home Retail Limited Receives Order from National Company Law Tribunal
Praxis Home Retail Limited announced that the Hon’ble National Company Law Tribunal, Mumbai Bench, has issued an order concerning an Interlocutory Application in Company Petition (IB) No. 865 of 2022, filed by Aegis Resolution Services Private Limited, the Resolution Professional of Ojas Tradelease and Mall Management Private Limited.The order, dated March 18, 2026, directs Praxis Home Retail Limited to hand over control and possession of the leased premises located at 'The Acropolis Mall' in Thaltej, Ahmedabad, within 30 days. The company is also required to settle outstanding lease rental payments.
The tribunal determined that the Lease Deed is a transaction covered under Section 66 of the Insolvency and Bankruptcy Code, 2016.
The company anticipates a minimal impact on overall turnover from the closure of this store, which has been commercially or financially unviable due to subdued footfall and high operating costs. Management stated they do not expect a material effect on the company’s financial position or future performance.
Praxis Home Retail Limited is currently seeking legal counsel and will take appropriate steps in the best interest of the company. The company will provide updates to relevant exchanges regarding any developments.
| S.No | Particulars | Status |
|---|---|---|
| 1 | Name of the authority; | National Company Law Tribunal, Mumbai Bench |
| 2 | Nature and details of the action(s) taken, initiated or order(s) passed | The Company has been directed to hand over control and possession of the leased premises located at 'The Acropolis Mall', Thaltej, Ahmedabad within 30 days, and make the payment of lease rentals due. |
| 3 | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | March 18, 2026 |
| 4 | Details of the violation(s)/contravention(s) committed or alleged to be committed; | The Lease Deed has been held to be a transaction covered under Section 66 of the Insolvency and Bankruptcy Code, 2016. |
| 5 | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | While the closure of the aforementioned store may result in a marginal impact on the Company's overall turnover, the contribution of this outlet to total revenue has been minimal. Thestore has not been commercially or financially viable, primarily due to subdued footfall and high operating costs. The management does not expect this to materially affect the Company's financial position or future performance. |
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