Praxis Home Retail Limited has informed the Exchange about Action(s) initiated or orders passed
PRAXIS · price
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The NCLT Mumbai Bench has directed Praxis Home Retail to hand over control and possession of its store at The Acropolis Mall in Thaltej, Ahmedabad within 30 days, and to clear pending lease rentals. The order, dated March 18, 2026, came in an application filed by the resolution professional of Ojas Tradelease and Mall Management in an insolvency case. The NCLT held that the lease deed is a transaction covered under Section 66 of the Insolvency and Bankruptcy Code, 2016. The company says the impact will be marginal, as this store was already loss-making due to low footfall and high costs, and contributed minimally to total revenue. Management does not expect any material hit to overall financials or future performance.
Short-term: loss of one unprofitable outlet and an outgoing lease rental payment. Long-term: the Section 66 tag on the lease is a negative legal precedent and could affect future landlord negotiations, though management views the financial hit as insignificant.