Praxis Home Retail has informed that a petition has been filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Koncepts Interior, Operational Creditor of the Company, before the National Company Law Tribunal - Mumbai Bench (NCLT, Mumbai) alleging to default in payment of invoice(s) amounting to Rs 1,00,65,914.30 and seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Company. The Company is seeking appropriate legal advice and take all appropriate steps to protect its interest in the aforesaid matter.
The above information is a part of company’s filings submitted to BSE.
