More Stories

Informist, Monday, Jan. 27, 2025

--RBI supersedes Aviom India Housing Finance board due to governance issues
--RBI names former PNB official as Aviom India Housing Finance administrator
--RBI: To soon begin resolution process for Aviom India Housing Fin under IBC

NEW DELHI – The Reserve Bank of India has superseded the board of Aviom India Housing Finance Pvt. Ltd. because of governance concerns and defaults in meeting various payment obligations, the central bank said on Monday. The RBI has appointed Ram Kumar, former chief general manager of Punjab National Bank, as the administrator of Aviom Housing. 

The central bank "intends to shortly initiate the process of resolution of the company under the Insolvency and Bankruptcy Rules, 2019, and would also apply to the NCLT (National Company Law Tribunal), New Delhi, for appointing the Administrator as the Insolvency Resolution Professional," the central bank said in a release. 

According to media reports, National Housing Bank had investigated the books of Aviom, and discovered inflated investments in mutual funds to show higher cash balance. The company in November had told lenders that it was facing a cash crunch and payments would be delayed.  End

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.