Global Campus Management Group, which owns four private colleges in Sydney and Melbourne, was placed into voluntary administration on Thursday, Nov 5.
About 2,700 international students were affected, including students about to take their exams. The students were mainly from India and other Asian countries.
India's deputy high commissioner to Australia, V K Sharma, said an estimated 300 or so of the affected students were Indians and that the recent collapse of some colleges had led to a sharp fall in student arrivals from India.
"There was also a lot of fraud going on in the system," he added.
The colleges, located at 13 campuses in Melbourne and Sydney, provide tuition in hospitality, design, English language, fashion and secondary education.