Salim Mehajer has insisted it is "absolutely, totally incorrect" to suggest he lied about holding a 5.30am meeting to oust the director of two of his troubled companies, as he made a tense appearance in the Supreme Court witness box.

The colourful property developer and former deputy mayor of Auburn is fighting the appointment of administrators to his companies Sydney Project Group Pty Ltd and S.E.T. Services Pty Ltd.

The Supreme Court in Sydney has heard the companies owe almost $100 million to creditors and have just $32,000 in the bank.

Mr Mehajer has told the court he held a meeting at 5.31am on Friday, June 16, to oust the sole director of the companies, Kenneth Lee, about 12 hours before Mr Lee sought to appoint administrators to the companies.