The Reserve Bank of India (RBI) has filed an application before the New Delhi Peeth of the National Company Law Tribunal (NCLT) for starting a corporate insolvency process against Avom India Housing Finance Private Limited. The RBI said on Thursday that it dissolved the Board of Directors of Avim India Housing Finance on Monday due to lapse in fulfilling administrative concerns and various payment obligations. The Reserve Bank has appointed former Chief General Manager of Punjab National Bank Ram Kumar as the administrator of the company based in New Delhi. The central bank said that applications have been filed under the Insolvency and Debt Disability Code, 2016 against the AvioM India Housing Finance Private Limited for starting the Corporate Insolvency Solution Process (CIRP).
The RBI said in a separate statement that it has formed a 3 -member advisory committee to assist the administrator in the discharge of his duties. The members of the advisory committee are Paritosh Tripathi (former CGM, State Bank of India), Rajneesh Sharma (former CGM, Bank of Baroda) and Sanjay Gupta (former MD and CEO, PNB Housing Finance).