Supersession of the Board of Directors and Appointment of Administrator – Aviom India Housing Finance Private Limited

Case Brief

RBI, acting under Section 45-IE(1) of the RBI Act, 1934 and on NHB's recommendation, superseded the board of directors of Aviom India Housing Finance Private Limited. The regulator cited governance concerns and defaults in meeting various payment obligations. Shri Ram Kumar, ex-CGM of Punjab National Bank, was appointed as Administrator under Section 45-IE(2). RBI further said it would shortly begin resolution proceedings under the insolvency framework for financial service providers and move the NCLT, New Delhi, for appointment of the Administrator as the Insolvency Resolution Professional.