Three weeks after the Reserve Bank of India (RBI) submitted a plea to initiate corporate insolvency resolution proceedings (CIRP) against Delhi NCR-based non-banking financial company (NBFC) AVIOM India Housing Finance, the National Company Law Tribunal (NCLT) has granted approval for the petition.
Earlier, the Reserve Bank had taken action by superseding AVIOM’s board due to governance concerns and defaults in fulfilling various payment obligations. Following this, the central bank appointed Ram Kumar, former Chief General Manager of Punjab National Bank, as the company’s Administrator. This measure was undertaken based on the recommendation of the National Housing Bank (NHB).
In a statement released in November 2024, AVIOM India Housing…
