SBI Cap is adviser for auction of Taj Mansingh

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Considered to be a unique joint venture between the NDMC and the IHCL, the hotel was constructed in 1978 to house delegates of the Pacific Area Travel Association Conference. While land and construction cost was borne by the NDMC, the IHCL was responsible for operating and maintaining the hotel.

Following the expiry of the lease in 2011, a year-long extension was given to the IHCL and the NDMC had roped in a private consultant to submit a report on the issue — regarding open auction of the property and extension of the lease. This March, the NDMC had extended it a three-month extension while the civic body worked on the bidding process.

Last week, at a council meeting, the civic body decided to give another three-month extension to the Tata-backed IHCL, which runs the hotel. In 2013, the IHCL had approached the Delhi High Court, seeking a stay order on the auction of the property.