The Reserve Bank of India (RBI) filed a petition under Section 227 of the Insolvency and Bankruptcy Code (IBC), 2016, read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to initiate Corporate Insolvency Resolution Process (CIRP) against Aviom India Housing Finance Private Limited, a Financial Service Provider (FSP). The RBI, as the appropriate regulator, initiated this action due to governance concerns and defaults in meeting payment obligations by Aviom. The RBI had superseded Aviom's Board of Directors and appointed an Administrator. The petition was filed in Form No.1 as prescribed under the rules.
The Reserve Bank of India (RBI) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Aviom India Housing Finance Private Limited, a Financial Service Provider (FSP), due to governance concerns and defaults in meeting payment obligations. The RBI superseded Aviom's Board of Directors and appointed Mr. Ram Kumar as the Administrator. Aviom had committed defaults in excess of Rs. 1 crore to Utkarsh Small Finance Bank Limited (USFB). Other creditors, including LIC Housing Finance Ltd, Suryodaya Small Finance Bank Limited, and Poonawalla Fincorp Limited, also reported defaults by Aviom. USFB had sanctioned and disbursed financial debt aggregating to INR 46 crore to Aviom under various Term Loan Agreements. Aviom defaulted on these agreements,
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RBI issued notification stating that…
Utkarsh Small Finance Bank Limited (USFB)…
The Reserve Bank of India (RBI) filed a petition under Section 227 of the Insolvency and Bankruptcy Code (IBC), 2016, read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, to initiate Corporate Insolvency Resolution Process (CIRP) against Aviom India Housing Finance Private Limited, a Financial Service Provider (FSP). The RBI, as the appropriate regulator, initiated this action due to governance concerns and defaults in meeting payment obligations by Aviom. The RBI had superseded Aviom's Board of Directors and appointed an Administrator. The petition was filed in Form No.1 as prescribed under the rules.
The Reserve Bank of India (RBI) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Aviom India Housing Finance Private Limited, a Financial Service Provider (FSP), due to governance concerns and defaults in meeting payment obligations. The RBI superseded Aviom's Board of Directors and appointed Mr. Ram Kumar as the Administrator. Aviom had committed defaults in excess of Rs. 1 crore to Utkarsh Small Finance Bank Limited (USFB). Other creditors, including LIC Housing Finance Ltd, Suryodaya Small Finance Bank Limited, and Poonawalla Fincorp Limited, also reported defaults by Aviom. USFB had sanctioned and disbursed financial debt aggregating to INR 46 crore to Aviom under various Term Loan Agreements. Aviom defaulted on these agreements,
…RBI issued notification stating that…
Utkarsh Small Finance Bank Limited (USFB)…