Chalet Hotels Ltd secured a stay from the High Court of Karnataka against a sale notice issued by the Greater Bengaluru Authority. The dispute concerns alleged unpaid property taxes of Rs 39.56 crore on its Whitefield asset in Bengaluru.
KARNATAKA: Chalet Hotels Ltd, a hospitality and resort chain operator, announced that it has secured a stay order from the High Court of Karnataka regarding a notice issued by the Greater Bengaluru Authority.
The notice, labelled as a “Proclamation and Written Notice of Sale of Immovable Property,” was directed at the company due to alleged non-payment of property tax dues amounting to approximately Rs 39.56 crore, which includes interest, penalties, and cess. These dues are related to the company’s property in Whitefield, Bengaluru, Karnataka.
ALSO READ: Income Tax Exemption Denied for Same-Sex Couples: Bombay High Court
In response to the notice, the company filed a writ petition with the Karnataka High Court, which has now issued a stay order on the matter until the next hearing date.
Recently, Chalet Hotels expressed optimism about the hospitality sector remaining robust over the next few years, driven by strong travel demand and a persistent demand-supply imbalance.
Shwetank Singh, MD & CEO of Chalet Hotels, noted that while January was relatively slow, demand significantly increased in February and has continued to remain strong into March, fostering confidence for a solid end to the financial year.
Singh anticipates that the next two to three years will be favorable for the hospitality industry, with revenue per available room growth expected to remain in double digits. This growth will primarily be driven by rising average room rates rather than increases in occupancy.
Chalet Hotels is enhancing its portfolio with the Athiva brand, while also ensuring solid financial health with stable debt levels and sufficient capacity to support future expansions and acquisitions.
The company’s shares closed at Rs 870.55, reflecting an increase of Rs 7.55, or 0.87%, on the BSE.
FOLLOW US FOR MORE LEGAL UPDATES ON YOUTUBE
