RBI files for insolvency proceedings against Aviom Housing
RBI initiates CIRP against Aviom Housing Finance under IBC, appoints advisory committee;

Mumbai: The Reserve Bank of India (RBI) on Thursday announced that it has filed an application for the initiation of a corporate insolvency resolution process (CIRP) against Aviom Housing Finance Pvt Ltd under the Insolvency and Bankruptcy Code (IBC) at the New Delhi Bench of the National Company Law Tribunal (NCLT).
In a separate statement, the RBI also announced the formation of a three-member advisory committee to assist the company’s administrator, Ram Kumar, ex-Chief General Manager of Punjab National Bank. The committee comprises Paritosh Tripathi, ex-Chief General Manager of State Bank of India, Rajneesh Sharma, ex-Chief General Manager of Bank of Baroda, and Sanjaya Gupta, ex-Managing Director and CEO of PNB Housing Finance.
The CIRP will be conducted under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules, 2019, also known as the FSP Insolvency Rules, as per the RBI’s statement.
Under these rules, an interim moratorium takes effect from the date of filing the application until its admission or rejection. During this period, the adjudicating authority will declare a moratorium that prohibits the initiation or continuation of legal proceedings against the corporate debtor, the transfer, encumbrance, alienation, or disposal of the corporate debtor’s assets or legal rights, any action to foreclose, recover, or enforce security interests related to the corporate debtor’s property, and the recovery of property by an owner or lessor if it is occupied by the corporate debtor.
The RBI had previously superseded the board of directors of Aviom India Housing Finance on January 27, 2025, citing governance concerns and defaults in meeting various payment obligations.
In November 2024, Aviom India Housing Finance disclosed that its statutory auditors, S.N. Dhawan & Co. LLP, had raised concerns about potential discrepancies in the company’s books. Furthermore, the company’s former auditors, SCV & Co. LLP, requested that Aviom immediately cease using their audit report. Aviom also reported a fraudulent incident to the National Housing Bank and lodged a complaint with the Economic Offences Wing.