NCLT case filed against Praxis Home Retail over 21-year lease dispute

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prior close

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Nifty Microcap 250market · in no size index; the smallest one is used+0.9%-0.8% vs market

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Minutes after the announcementfrom the announcement price · no benchmark

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AI summary

An Interlocutory Application has been filed against Praxis Home Retail in NCLT Mumbai by the Resolution Professional of Ojas Tradelease and Mall Management, seeking to annul a 2022 lease deed with a 21-year lock-in. The RP wants the lease declared onerous, wants possession of the premises back, and has claimed damages of Rs 19.55 crore plus interest from Praxis. Next hearing is December 4, 2025; the company is seeking legal advice.

Likely market impact

If NCLT rules against Praxis, it could lose the leased premises and face a liability of about Rs 19.55 crore plus interest.