Praxis Home Retail Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
PRAXIS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Praxis Home Retail Limited has disclosed an update on an insolvency petition filed against it by M/s Koncepts Interior before the National Company Law Tribunal (NCLT), Mumbai Bench under Section 9 of the Insolvency and Bankruptcy Code (IBC). The petition, originally filed in April 2022, was listed for hearing on April 30, 2025 but was adjourned as the arguing counsel for Koncepts was unavailable. The matter has been rescheduled for hearing on June 23, 2026. Koncepts Interior had issued a demand notice on December 28, 2020 for Rs 1,00,65,914.30 plus 18% interest. The company claims there is a pre-existing dispute and the claim falls below the minimum threshold required to initiate IBC proceedings. The company states there is no financial or operational impact as the matter is sub-judice.
The company faces a potential insolvency risk, though it disputes the claim amount. The adjournment provides temporary relief, but investors should monitor the June 2026 hearing outcome as it could lead to formal CIRP initiation if the tribunal admits the petition.