NCLT Initiates CIRP Against AVIOM India Housing Finance
NCLT Initiates CIRP Against AVIOM India Housing Finance
The National Company Law Tribunal (NCLT) has admitted an application to initiate corporate insolvency resolution proceedings (CIRP) against AVIOM India Housing Finance. The Reserve Bank of India (RBI) had previously superseded AVIOM’s board on January 27 due to governance concerns and payment defaults, appointing Ram Kumar, former Chief General Manager of Punjab National Bank, as the Administrator.
This action was taken based on a recommendation from the National Housing Bank (NHB). Subsequently, the RBI filed an application with the NCLT’s New Delhi bench to commence CIRP against AVIOM India.
Following the admission of the insolvency petition on February 20, 2025, the RBI announced that its three-member advisory committee would continue assisting Administrator Ram Kumar in managing AVIOM’s operations during the CIRP. The committee comprises Paritosh Tripathi (ex-CGM, State Bank of India), Rajneesh Sharma (ex-CGM, Bank of Baroda), and Sanjaya Gupta (ex-MD & CEO, PNB Housing Finance).
