Credit Suisse, one of Gupta’s main creditors, started insolvency hearings against GFG companies last month

Sanjeev Gupta’s GFG Alliance has failed in an attempt to have a winding-up order thrown out on the grounds that the metals group’s struggles were caused by the coronavirus pandemic.

Credit Suisse, one of Gupta’s main creditors, started insolvency hearings against GFG companies last month, in a move that raised concerns for the jobs of 35,000 workers in the UK and in operations around the world. US bank Citibank has brought the claim on behalf of Credit Suisse, its client.