I have not stayed at the ITC so I cannot give you a true comparison, but we stayed at the Le Meridien in New Delhi on three different occasions earlier this year and we thought they were exceptional. I am Plat, so we were upgraded to a lovely suite each time; the furnishings were comfortable, the staff above-exceptional, the restaurant (Monsoon I think) interesting (a modern take on classical Indian) and good. And the location cannot be beat! Right in the heart of the city, and close to everything we wanted to get to. Actually, now that I think about it, I'd pick the LM over the ITC just for the location!