The Reserve Bank of India (RBI) has filed an application with a company tribunal to initiate insolvency proceedings against Aviom India Housing Finance. This decision follows the RBI’s earlier move to supersede the board of Aviom due to governance concerns and payment defaults.
While the specific governance issues have not been disclosed, the central bank has expressed its intent to address these matters through legal channels.
In conjunction with the tribunal application, the RBI has appointed Ram Kumar, the former chief general manager of Punjab National Bank, as the administrator for Aviom India Housing Finance.
The RBI stated that it constituted a three-member advisory committee to assist the administrator to discharge his…
