# Aegis Resolution Services Private Limited vs. Praxis Home Retail Limited & Ors

> NCLT judgment dated 17 Mar 2026. Citation: TCN-2026-NCLT-00359. Aegis Resolution Services Private Limited, acting as the Resolution Professional (RP) for Ojas…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00359
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/aegis-resolution-services-private-limited-vs-praxis-home-retail-limited-ors-venyg

## Summary

### Background

Aegis Resolution Services Private Limited, acting as the Resolution Professional (RP) for Ojas Tradelease and Mall Management Private Limited (Corporate Debtor), filed an application (IA 5114/2025) under Section 66 of the Insolvency and Bankruptcy Code, 2016. The application sought to declare a Lease Deed dated March 23, 2022, executed between the Corporate Debtor and Praxis Home Retail Limited (Respondent No. 1), as onerous, detrimental, fraudulent, and wrongful. The Corporate Debtor's account as a guarantor was classified as Non-Performing Asset (NPA) on April 30, 2022. The Lease Deed stipulated a 21-year term with a low rent and included a clause requiring the Corporate Debtor to pay INR 10 crores to Respondent No. 1 in case of dispossession. Respondent No. 1,

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## Facts

Aegis Resolution Services Private Limited (Applicant/RP) filed IA 5114/2025 under Section 66 of the IBC, 2016, seeking reliefs concerning a Lease Deed.

The Lease Deed dated March 23, 2022, was executed between Ojas Tradelease and Mall Management Private Limited (Corporate Debtor) and Praxis Home Retail Limited (Respondent No. 1).

The Lease Deed pertains to 44,500 sq. ft. of carpet area on the Ground Floor of "The Acropolis Mall", Thaltej, Ahmedabad, leased for a period of 21 years.

The Lease Deed stipulated a monthly rent of INR 2,00,000/- or 4% of monthly net sales, whichever is higher, and retroactively commenced rent from January 1, 2022.

Respondents No. 2 to 6 were directors of the Corporate Debtor at the time the Lease Deed was executed.

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## Issues and analysis

### Issue 1: Whether the Lease Deed dated March 23, 2022, executed between the Corporate Debtor and Respondent …

**Ratio:** A transaction qualifies as fraudulent or wrongful under Section 66 of the IBC if it is

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**Reasoning:** The NCLT found that the Lease Deed dated March 23, 2022, directly contravened Clause 18.3

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**Interpretation:** Section 66 empowers the Adjudicating Authority to scrutinize and address

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**Application:** The NCLT applied Section 66(1) and 66(2) to the Lease Deed, determining it to

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Aegis Resolution…
- **Respondents:** Ojas Tradelease…; Praxis Home…; +5 more
- **Other parties:** Insolvency and…; Fraudulent…; +10 more

## Timeline

- **2020-05-07 — Indenture of…**: Indenture of Mortgage executed by the Corporate Debtor to secure obligations due from M/s…
- **2022-01-01 — Rent Commencem…**: Retrospective 'Rent Commencement…

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