Sanjeev Gupta has postponed a scheduled appearance in an Australian court after submitting medical evidence citing health concerns that would make travel and extended courtroom proceedings detrimental to his condition. The industrialist was set to testify in a case in the New South Wales Supreme Court related to the collapse of Greensill Capital, a UK-based finance firm whose funding helped build Gupta’s steel empire.
Grant Thornton, the administrators of Greensill Capital, contend that creditors have claims over shares in InfraBuild, an Australian steel company connected to Gupta’s business interests. The trial, originally scheduled for this month, has now been deferred until mid-November after Gupta’s legal team presented documentation concerning a heart condition.
This legal matter is distinct from a separate lawsuit set to begin this month in Australia’s Federal Court, in which Credit Suisse is suing insurers involved with Greensill Capital.
Gupta’s Australian steel operations had remained profitable in recent years even as his broader global ventures faced financial difficulties. However, that changed last year when the historic Whyalla steelworks was seized from Gupta’s GFG Alliance due to unpaid debts and alleged underinvestment. Several other former assets linked to GFG, including a coal mine in rural New South Wales and a manganese smelter in Tasmania, have been sold off in the past months.
Administrators of the Whyalla Steelworks announced this week that 600 jobs would be cut in the South Australian town. Plans to restart the blast furnace there have been abandoned while efforts to sell the broader operations continue.
Australia’s Defence Industry Minister, Pat Conroy, attributed the Whyalla steelworks’ failure to Gupta’s management. Speaking in parliament, Conroy stated that the responsibility for the workers and the plant’s decline rests entirely with the Gupta group.
The delay in the New South Wales Supreme Court proceedings was first reported by Australian media outlets. Gupta’s representatives did not immediately respond to requests for comment.
