NCLT initiates insolvency proceedings against MGF Developments Limited

MGF had formed a joint venture with Emaar Properties, which entered India in 2005 with the largest FDI in the realty sector under Emaar MGF Land. In April 2016, Emaar decided to end the MGF joint venture and two months later, Shravan Gupta, the then executive vice chairman and managing director of the joint venture, resigned.

via Economictimes