The entrepreneur, who opened the restaurant Mr Singh's India in the city's Elderslie Street, was taken to court by firm Fountainhead Limited after failing to pay back loans.
Mr Singh, whose other companies include property letting firms MS Namana Ltd and Namana Properties Ltd, was not present at Glasgow Sheriff Court when the hearing was called on Monday.
Law firm Harper Macleod was acting on behalf of Fountainhead Limited during the case which saw the sheriff grant the motion for sequestration.
Donald McKinnon of accountancy company Wylie and Bisset has been appointed as trustee to Mr Singh.
Mr McKinnon will look into the businessman's assets.
Mr Singh, who lives in the South Side of Glasgow, started his career as a waiter in Glasgow in the late 1980s.
During his career he has owned Mearns Castle Golf Academy and held directorships involving Rangers.
He has been a fundraiser for several charities and is a member of the city's main Sikh temple.
Earlier this year Mr Singh received an honorary degree from Glasgow Caledonian University for his services to the community.
Mr McKinnon confirmed he was appointed as trustee on Monday but did not have any further information.
Mr Singh did not return our calls yesterday and it is not known if his companies will be affected by the bankruptcy.