Tag: kajal ilmi

Housing FinanceLatest Stories

Aviom India Housing Finance Promoter Presents Full Settlement Plan

Representative AI image KOLKATA | MUMBAI: The promoter of Aviom India Housing Finance is currently in bankruptcy proceedings and has submitted a revised repayment proposal. This development follows Unity Small Finance Bank winning the bidding for Axiom in a challenge auction. Promoter Kajal Ilmi indicates that the offer includes an upfront payment of ₹554 crore, with the remainder (60% of the owed amount) to be settled over the next 28 months. This upfront payment consists of ₹360 crore in cash available on the company’s books. Aviom India’s administrator, Ram Kumar, has not responded to emailed inquiries and has acknowledged 60…

Housing FinanceLatest Stories

Unity Small Finance Bank Wins Auction for Aviom India Housing

MUMBAI: Unity Small Finance Bank has successfully bid for the bankrupt Aviom India Housing Finance, offering an upfront payment of ₹977.5 crore, according to sources familiar with the matter. Initially, six companies expressed interest in acquiring Aviom India Housing Finance under the National Company Law Tribunal (NCLT) process, with three ultimately participating in the auction held last week. Areion, a fund backed by Omkara Asset Reconstruction Company, and Authum Investment and Infrastructure were the other two bidders in the auction conducted by Ram Kumar, the RBI-appointed administrator and former general manager of Punjab National Bank. “The bidding involved 13 rounds,…

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…