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NDMC in process of assessing Taj Mansingh assets for auction

The New Delhi Municipal Council (NDMC) Wednesday said it is in process of assessing the assets of the iconic Taj Mansingh hotel in preparations of the much-delayed auction of the property.


NDMC in process of assessing Taj Mansingh assets for auction

New Delhi: The New Delhi Municipal Council (NDMC) Wednesday said it is in process of assessing the assets of the iconic Taj Mansingh hotel in preparations of the much-delayed auction of the property.

"We are in process of completing the documentation for the auction purpose and because the property was with the existing company for last 33 years, so we are assessing all the assets and all the process will be completed soon. As per the decision of the council, further action will be taken," said NDMC Chairman Naresh Kumar.

The Tata group's Indian Hotels Company Limited (IHCL) was granted the ninth extension to run the hotel last November.

The current lease expires on January 31.

Kumar, however, did not comment on whether the process will be completed by then or the council is paving way for yet another extension.

The property, owned by NDMC, was given to IHCL on lease for 33 years. The lease ended in 2011 and the company has been given nine temporary extensions since then on various grounds with three of them being in the last year itself.

NDMC, which works under the administrative control of the Union Home Ministry, had got the nod to auction the hotel in
March.

The civic body had also selected SBI Cap, which was the Centre's advisor for coal blocks auctions, to be its transaction advisor for the auction of Taj Mansingh.

The advisers are expected to guide the entire auctioning process, from conceptualising the plan to handing it over and
signing of the final documents.

Two years back, when NDMC decided to auction the property, IHCL had approached Delhi High Court seeking a stay, which was not granted.

 

From Zee News

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