The Reserve Bank has appointed Ram Kumar, ex-CGM of Punjab National Bank, as the Administrator of the New Delhi-based company.

In a statement on Thursday, the central bank said an application for initiation of Corporate Insolvency Resolution Process (CIRP) against Aviom India Housing Finance Private Limited filed under the Insolvency and Bankruptcy Code,…

BALTIMORE — More people are defaulting on their credit card payments as debt continues to climb. There are several debt repayment strategies, but one in particular helped Darryl France dig his way out of $25,000 in debt in just four years.

“You know, you put something on a credit card, it’s kind of out of sight, out of mind,” said France.

Everyday expenses, along with larger ones like an out-of-state move, childcare, and car payments while temporarily living on a single income, contributed to his financial situation.

“I was literally just paying enough to meet the limit, and that would be my balance until the next month when the interest hit. Just seeing how it was compounding and the time that it would take with me paying the…

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…

South African Finance Minister Enoch Godongwana vowed to keep showing “tough love” toward the nation’s ailing state-owned enterprises, rebuffing calls for a bailout of Transnet.

The African National Congress, the nation’s largest political party, said it would ask the Treasury for a relief package for the rail and ports operator similar to the one granted Eskom in 2023.

“My stance on tough love for SOEs remains,” he told Bloomberg in an interview on Wednesday. Godongwana, who will deliver South Africa’s annual spending plan on February 19, said that the budget process was now closed.

South Africa has spent more than…

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Reference #18.19b42e17.1738231002.a1e5f2b5

https://errors.edgesuite.net/18.19b42e17.1738231002.a1e5f2b5

Brief Facts:

Principal Borrower M/s Universal Textile Waterproof Company (India) (UTWC) was granted term loans and working capital facilities by SVC Cooperative Bank in which Shri Balaji Entertainments Pvt Ltd (corporate debtor) acted as a co-borrower and provided a corporate guarantee. An application under section 7 of the code was filed when the UTWC failed to repay the amount. Thereafter, the Adjudicating Authority…