NCLT orders insolvency proceedings against Fosun's affiliate realty company

The National Company Law Tribunal (NCLT) has ordered initiation of a corporate insolvency resolution process against real estate special purpose vehicle (SPV) Sankalp Siddhi Developers. The SPV was promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, for the development of a project in Mumbai’s Jogeshwari suburb, and has been controlled and managed by Chinese group Fosun since 2022.