Sanjeev Gupta’s InfraBuild has delayed the release of its accounts for the third time in three weeks as it struggles to get the sign-off from auditors and as the British industrialist attempts to finalise a settlement with his creditors.

The sprawling steel manufacturing operation runs two electric arc furnaces in Sydney and Melbourne and 10 mills along the eastern seaboard. But it is facing calls from its creditors to repay more than $800 million, a move that would almost certainly render the company insolvent.