Latest News | RBI Supersedes Board of Aviom India Housing Finance

Mumbai, Jan 27 (PTI) The RBI on Monday superseded the board of Aviom India Housing Finance Pvt Ltd owing to governance concerns and defaults in meeting various payment obligations.

The Reserve Bank has appointed Ram Kumar, ex-CGM of Punjab National Bank, as the Administrator of the New Delhi-based company.

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The action has been taken basis recommendation of the National Housing Bank (NHB).

"The Reserve Bank intends to shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019...," the central bank said.

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The RBI would also apply to the NCLT, New Delhi, for appointing the Administrator as the Insolvency Resolution Professional.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)