ITC Examining Options For Taj Mansingh Auction

Delhi news

The Indian Hotel Company Limited (IHCL) had approached the Apex Court after a Delhi High Court Bench upheld the NDMC's right to auction the premier property.

The Supreme Court on Thursday gave permission to the New Delhi Municipal Council to e-auction hotel Taj Mansingh in the Capital, reported PTI.

The IHCL in its response had said that it was not clear why NDMC wanted to auction the property when it was giving them the maximum revenue.

The apex court had also held that the "blemish-free" record of the Tata group firm may be taken into account by the New Delhi Municipal Council (NDMC) while auctioning the iconic property.

The Indian Hotels Company Ltd (IHCL) had on November 8 past year approached the Supreme Court against the Delhi High Court's order that had cleared the decks for auctioning of the iconic hotel in the heart of the national capital.

The apex court had on November 21 previous year directed that status quo be maintained in the NDMC's auctioning process of Taj Mansingh Hotel.

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A month later, in November 2016, the IHCL moved the Supreme Court saying there was no need to auction the hotel as it was generating good revenue for the civic body. However, this was higher than the year's low of Rs 88.80, which the stock had hit on November 21, almost a month after losing the case to retain the property in the high court.

Meanwhile, in a bid to create transparency in the bidding process, the NDMC will conduct an e-auction of the hotel.

It had noted the fact that the opinions of both top law officers against the auctioning of the hotel was not placed before the Ministry of Home Affairs for consideration. It is not a matter of right.

The High Court had dismissed IHCL's petition challenging the move by the NDMC to auction the property.

The Tata group arm, however, went on running the iconic hotel by gaining several extensions.

The property had been given to IHCL on a lease for 33 years, which ended in 2011. "To put it pithily, IHCL (which runs the hotel) has no right under the licence for a renewal thereof and therefore no further issue needs to be considered and decided", the court said.

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