NCLT Admits Aviom India Housing to Insolvency on RBI’s Plea

NCLT Admits Aviom India Housing to Insolvency! RBI filed a plea against the NBFC due to financial irregularities. NCLT has now initiated the Corporate Insolvency Resolution Process (CIRP).

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Aviom India Housing's Background Founded in 2016, Aviom India Housing provides affordable housing loans in semi-urban areas. It had $50.4M revenue & 284 employees as of March 2024.

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₹95 Crore Fraud Uncovered! In 2024, fraudulent transactions worth ₹95 crore were found, disrupting cash flow. RBI took swift action to protect stakeholders' interests.

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RBI’s Legal Action On Jan 30, RBI filed a plea under IBC Section 227 & FSP Insolvency Rules. It also superseded Aviom's board and appointed an Administrator for oversight.

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₹1000 Crore Missing? During hearings, RBI’s counsel stated that ₹1000 crore in funds could be missing from Aviom. Further investigations are now underway.

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What’s Next? NCLT has admitted the plea, and the CIRP will follow. The case will set a precedent for NBFC insolvency resolutions under RBI’s intervention.

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