RBI Initiates Insolvency Process Against Aviom India Housing Finance
The Reserve Bank of India has taken action against Aviom India Housing Finance Private Limited by filing for a corporate insolvency resolution process due to governance concerns and payment defaults. A new administrator, Ram Kumar, is appointed to oversee operations, aided by a three-member advisory committee.
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- Country:
- India
The Reserve Bank of India announced on Thursday that it has approached the National Company Law Tribunal's New Delhi bench to kickstart the corporate insolvency resolution process against Aviom India Housing Finance Private Limited.
This move comes after the board of Aviom India was superseded on Monday amidst governance issues and failure to fulfill payment obligations. Ram Kumar, formerly Chief General Manager at Punjab National Bank, has been designated as the company's Administrator.
An advisory committee has been established to support Kumar, comprising Paritosh Tripathi, Rajneesh Sharma, and Sanjaya Gupta, bringing expertise from premier financial institutions to navigate the insolvency proceedings.
(With inputs from agencies.)
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