Promoter Kajal Ilmi‘s offer involves an upfront payment of ₹554 crore, with the remaining 60% of dues to be cleared over 28 months, she told ET. The upfront payment includes ₹360 crore cash on the company’s books.
Aviom India Housing Finance administrator Ram Kumar did not respond to emailed queries. He has admitted 60 claims aggregating ₹1,363 crore.
Last week, after 13 rounds of bidding, Unity SFB made the highest offer of ₹977.5 crore, as reported by ET on December 23.
Ilmi’s proposal also involves a ₹225 crore equity infusion from Surat-based Enn Enn Corp., which will acquire a 60% stake in Aviom. Enn Enn Corp. has diversified interests spanning real estate, exports, renewable power and financial services, said the people cited.
Seeks IBC Exit With ₹554-Cr Upfront Offer
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The promoter’s settlement offer has been submitted under Section 12A of the Insolvency and Bankruptcy Code (IBC) that allows withdrawal of insolvency proceedings if at least 90% of the committee of creditors (CoC) approves the settlement, typically through full repayment of lender dues.
As per IBC rules, a promoter’s proposal can be approved only if the applicant-the Reserve Bank of India (RBI) in this case–files a withdrawal petition with the bankruptcy court.Ilmi also invited administrator Kumar, former chief general manager of Punjab National Bank, to continue as chairman of the board and proposed that auditors be appointed in consultation with the CoC.
“We are an impact-led, profitable company and there is no reason for lenders to take any haircuts,” Ilmi told ET. “The governance framework outlined in the proposal is robust and the net present value is attractive. I am confident stakeholders will approve the proposal as it maximises value for lenders and offers an expeditious resolution.”
Last month, Ilmi had proposed to pay 25% upfront and clear the balance over 26 months, an offer that had been rejected by the CoC.
The issues facing Aviom surfaced after auditors flagged discrepancies in financial statements, prompting a probe by the National Housing Bank.
