RBI supersedes boards of Aviom India Housing Finance over governance payment defaults

The RBI on Monday superseded the board of Aviom India Housing Finance Pvt Ltd owing to governance concerns and defaults in meeting various payment obligations.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. 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 RBI would also apply to the NCLT, New Delhi, for appointing the Administrator as the Insolvency Resolution Professional.
 

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