NCLT Admits Insolvency Against AVIOM India Housing Finance

New Delhi, Feb 21 (PTI) The National Company Law Tribunal (NCLT) has admitted the application for commencement of corporate insolvency resolution process against AVIOM India Housing Finance.

On January 27, the Reserve Bank had superseded the board of AVIOM owing to governance concerns and defaults in meeting various payment obligations, and appointed Ram Kumar, ex-CGM of Punjab National Bank, as its Administrator.

The action was taken basis recommendation of the National Housing Bank (NHB).

Later, it filed an application with the NCLT, New Delhi bench, for initiation of corporate insolvency resolution process (CIRP) against AVIOM India.

RBI also set up a three-member advisory committee to assist Administrator Ram Kumar.

Upon admission of the petition for CIRP against AVIOM (order dated February 20, 2025), the RBI on Friday said it has decided that the three-member committee shall continue as the advisory committee.

The panel shall advise the Administrator in the operations of AVIOM during the CIRP, the central bank said.

The members of the advisory committee are Paritosh Tripathi (ex-CGM, State Bank of India), Rajneesh Sharma (ex-CGM, Bank of Baroda), and Sanjaya Gupta (ex-MD & CEO, PNB Housing Finance).