The Reserve Bank of India (RBI) has decided to retain the three-member Advisory Committee of Aviom India Housing Finance Private Limited (AVIOM). This decision comes following the initiation of the insolvency resolution process for AVIOM.

Background

On January 30, 2025, the RBI exercised its powers under Section 45-IE (5) (a) of the RBI Act, 1934, to constitute an Advisory Committee aimed at assisting Shri Ram Kumar, the Administrator of AVIOM, in fulfilling his responsibilities. The Advisory Committee consists of the following esteemed members:

1. Shri Paritosh Tripathi – Former Chief General Manager, State Bank of India
2. Shri Rajneesh Sharma – Former Chief General Manager, Bank of Baroda
3. Shri Sanjaya Gupta – Former Managing Director & CEO, PNB Housing Finance Limited

Recent Developments

The New Delhi Bench of the Hon'ble National Company Law Tribunal admitted the petition for the insolvency resolution process regarding AVIOM on February 20, 2025. In light of this development, the RBI has decided that the aforementioned Advisory Committee will continue to operate under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.

Responsibilities of the Advisory Committee

The primary role of the Advisory Committee during the Corporate Insolvency Resolution Process is to provide guidance to the Administrator. This assistance is crucial in navigating the complexities associated with the operational aspects of AVIOM, ensuring a structured approach towards resolving the financial challenges faced by the organization.

Conclusion

The retention of the Advisory Committee signifies the RBI's commitment to facilitating a smooth and effective insolvency resolution process for Aviom India Housing Finance Private Limited. With the expertise of its members, the Committee is poised to provide valuable insights and recommendations aimed at revitalizing AVIOM's operations amidst the ongoing challenges.