Tag: Aviom India Housing Finance

Housing FinanceLatest Stories

Aviom India Housing’s Creditors to Pursue Swiss Challenge

MUMBAI: The committee of creditors (CoC) for Aviom India Housing Finance has opted to use the Swiss challenge mechanism for conducting an auction, as per sources familiar with the matter. PwC has been engaged to define the parameters for the competitive bidding process, with the e-auction date expected to be confirmed soon. “With the Swiss challenge mechanism selected, the CoC is set to invite competing bids, allowing any prospective investor to match or enhance the leading offer,” noted one source who wished to remain anonymous. “This transparent and competitive method is anticipated to maximize recovery for lenders. Once PwC establishes…

Housing FinanceLatest Stories

Aviom India Housing Finance Promoter Offers Dues Settlement Amid Bids

KOLKATA | MUMBAI: The promoter of Aviom India Housing Finance has proposed a settlement plan to lenders to settle Rs 1,385 crore in debts over 26 months, including accrued interest, according to sources. Promoter Kajal Ilmi presented the proposal late Wednesday while the company is under insolvency proceedings initiated by the Reserve Bank of India (RBI). Six entities have expressed interest in takeover bids. The proposal includes an upfront payment of Rs 350 crore, with the remaining accrued interest to be paid within 24 months after the initial 26-month principal repayment. Ilmi’s plan outlines full payment to operational creditors and…

Housing FinanceLatest Stories

Unity SFB Tops Aviom India Housing Race with ₹775 Crore Bid

MUMBAI: Unity Small Finance Bank has taken the lead in the competitive bidding for Aviom India Housing Finance, which is backed by impact investors, tendering an upfront payment of ₹775 crore, according to multiple sources familiar with the situation. Other competitors include Authum Investment and Infrastructure, Northern Arc, DMI Housing, Kifs Housing Finance, and Omkara Asset Reconstruction Company. Authum has proposed ₹750 crore, consisting of ₹450 crore upfront with the remainder staggered over two years. Northern Arc submitted an offer of ₹625 crore, including ₹325 crore upfront and the rest payable in two years. DMI Housing’s offer includes an upfront…

Housing FinanceLatest Stories

NHB Unveils Refinance List to Prevent Misuse

MUMBAI: In a significant move towards transparency, the National Housing Bank (NHB) has released, for the first time, the list of beneficiaries under its refinance scheme. This initiative aims to prevent the misuse of NHB’s name by various lending institutions. This decision follows the exposure of Aviom India Housing Finance, which reportedly used outdated NHB refinance sanction letters, some dating back three to four years, to obtain loans from banks. “The NHB is committed to ensuring such incidents as those involving Aviom do not occur again. By making its refinance list public, it seeks to deter fraudulent entities from leveraging…