The Reserve Bank of India (“RBI”) in exercise of the powers conferred under Section 45-IE (1) of the Reserve Bank of India Act, 1934 (“RBI Act”), issued a press release dated January 27, 2025, superseding the board of directors of AVIOM India Housing Finance Private Limited and appointing Mr. Ram Kumar as the Administrator of AVIOM India Housing Finance Private Limited under Section 45-IE (2) of the RBI Act with effect from January 27, 2025.
Further, the RBI on January 30, 2025 filed an application for initiation of corporate insolvency resolution process against AVIOM India Housing Finance Private Limited, under Sections 227 and 239 (2) (zk) of the Insolvency and Bankruptcy Code, 2016 read with Rules 5 and 6 of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019 (“FSP Insolvency Rules”) before the Hon’ble National Company Law Tribunal (“NCLT”), New Delhi in CP (IB) 95/2025.
The Hon’ble NCLT vide order dated 20 February 2025, has admitted the application for commencement of corporate insolvency resolution process of AVIOM India Housing Finance Private Limited and has appointed Mr. Ram Kumar as the Administrator as per Rule 5 (a) (iii) of FSP Insolvency Rules.