GODIAWALA
Resolution pro suspended over 'related-party deals'
"The DC (disciplinary committee) notes that no document is available to detail the objective criteria adopted in the process of the selection of DTTILLP. The minutes of the CoC dated September 12, 2017, indicate that while getting the approval of the CoC for engaging DTTILLP for rendering support services during the CIRP process, selection criteria for identifying DTTILLP to provide professional support were not disclosed," the committee said in its 18-page order.
270 branded hotels temporarily shut in India due to second COVID-19 wave
While a sudden rebranding or a takeover does not happen due to the tortious interference clause in global hotel contracts, some hoteliers and consultants said after the second wave, the sector could see more rebranding and reshuffling of hotels between brands, with some owners not being happy with existing partnerships.
Hotels see more cancellations, fewer bookings all over again
Indian Hotels Company said Maharashtra was witnessing more cancellations and loss of business currently and this was also due to the restrictions in the banqueting and wedding numbers in the state.
Total room inventory occupancy for hotels in India stood at 29% in 2020: STR
Hotel occupancy rates in Mumbai for 2020 stood at 39%, New Delhi at 36%, Chennai at 32% and Hyderabad at 29%. Hotels in Bengaluru ended the year at 25% occupancy and were struggling to garner demand owing to negligible corporate business travel.
Fresh COVID-19 wave, accompanying curbs could affect hospitality sector's recovery
The surge in infections in markets such as Delhi, Mumbai, Goa, Himachal Pradesh, Rajasthan and Gujarat, and travel curbs and curfews come at a time when demand for leisure travel had just begun picking up after months of disruption due to the pandemic. According to hotel industry tracker STR, occupancies had crossed the 75% mark in Goa for the Diwali weekend.
As India gradually opens up, travellers begin to check in for leisure travel
According to a survey done by ixigo with over 5,000 users in September, 21% of the respondents said that they were travelling for a workation.
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Recovery for Indian hotels slow, occupancy rate at around 24% in first week of September
Demand for quarantine rooms which had been aiding hotel occupancy growth across major markets in India is now slowing down.
Vande Bharat Mission remains key demand generator for hotels in June and July
HVS estimates about 25-30% of the 3.5- 4 lakh direct employees for the organised sector have already lost jobs and a similar number has been impacted by salary cuts ranging from 15-50%.
Resurgence in cases likely to keep most hotel rooms locked
The hospitality consultancy said demand has not yet revived because corporate travel is on a standstill. Leisure travel has also not seen any uptick in states that have eased restrictions because of increasing Covid-19 cases in the country.
Despite curbs being eased, recovery for India's hospitality sector looks dismal and bleak
As per HVS, demand has not yet revived because corporate travel is on a standstill. Leisure travel has also not seen any uptick in states which have eased restrictions because of increasing COVID cases in the country. Occupancy rates in May 2020 were in the range of 13-15% compared to 60-62% in May 2019.
NCLT allows 16 days to examine Thriveni's revised offer for Lanco Infratech
The CoC could not examine the revised plan from the Tamil Nadu-based firm it received it on May 2, just two days before the deadline to come up with a resolution expired on May 4.
IPR of Lanco Infratech awaits tribunal decision
Lanco said the earlier plan received less than 75% of votes from the creditors and as the CIRP period expires tomorrow, the IPR sought the tribunal direction on the issue.
4 minnows bid for Lanco Infra, banks fear steep haircut
The resolution professional has not asked for a minimum capital requirement from applicants to be eligible to submit a resolution plan.
NCLT says no to Deloitte’s Vijaykumar V Iyer as IRP in Rs 44,000 crore Lanco Infratech case
The court has appointed Savan Godiawala as IRP based on the recommendation made by IDBI Bank which has initiated the bankruptcy proceedings.
Textile industry seeks a policy boost
It's a mix of challenges and opportunities in store for the Indian textile industry that contributes 12% to the country's total exports and is the second-largest employer after agriculture.
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