“The Reserve Bank has today superseded the board of directors of Aviom India Housing Finance Private Limited (the company) owing to governance concerns and defaults in meeting various payment obligations, and appointed Shri Ram Kumar, ex-Chief General Manager of Punjab National Bank, as the Administrator under Section 45-IE(2) of the Reserve Bank of India Act, 1934,” the central bank said.
Further, it intends to initiate the process of insolvency and will also apply to the National Company Law Tribunal (NCLT), New Delhi, for appointing Administrator Kumar as the Insolvency Resolution Professional.
