Gupta and his companies have struggled ever since their major funder, Greensill Capital, collapsed into insolvency in 2021. Since then, many GFG assets have been faced with insolvency proceedings initiated by creditors seeking to be repaid what they are owed, including various Greensill entities.
An Australian steelworks owned by Gupta was taken over by the government in February with a A$2.4 billion ($1.5 billion). GFG has been the subject of a Serious Fraud Office investigation since 2021.
“The GFG Alliance is in severe financial distress. At the time of writing, at least 15 entities in the GFG Alliance are subject to formal insolvency or restructuring proceeding,” lawyers for the administrators of Greensill said in written…