Praxis Home Retail Ltd. Receives Order from National Company Law Tribunal
Praxis Home Retail Ltd. announced that the Hon’ble National Company Law Tribunal, Mumbai Bench, passed an order regarding 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, issued March 18, 2026, directs Praxis Home Retail Ltd. to hand over control and possession of a leased premises located at 'The Acropolis Mall' in Thaltej, Ahmedabad, within 30 days, and settle outstanding lease rentals.
According to the NCLT order, the Lease Deed has been determined to be a transaction covered under Section 66 of the Insolvency and Bankruptcy Code, 2016.
The company anticipates a minimal impact on its overall turnover due to the closure of this store, which has faced challenges related to subdued footfall and high operating costs. Management does not expect the event to significantly affect the company's financial position or future performance. Praxis Home Retail Ltd. is seeking legal advice and will take appropriate actions in the best interest of the company and will update stakeholders on 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. |
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.