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. The company's operational creditor, Lekha Enterprises, filed an insolvency petition following the default in its payments against services rendered under a work contract awarded by the company in June 2022.
