Sources within Taj Hotels speaking on condition of anonymity let BW Hotelier know that the Supreme Court has issued a six week stay in the case, brought against the NDMC by Indian Hotels Company Limited (IHCL). The petition was moved to challenge the decision of the Delhi High Court that dismissed the company's petition to prevent Delhi's civic body NDMC from auctioning Taj Mansingh hotel.
According to earlier reports with the Press Trust of India, the property, owned by NDMC, was given to IHCL on a lease of 33 years. The lease had ended in 2011 and the company was given nine temporary extensions since then on various grounds, with three of them granted in 2015.
NDMC had in January of last year said it was in the process of assessing the assets of the hotel in preparation for the much-delayed auction.
According to the source, the Supreme Court order also added that the NDMC should work with the hotel group and that IHCL should have first right of refusal on any new lease.
BW Reporters
Bikramjit Ray is Executive Editor of BW Hotelier.
