GE ran out of money during the 1st year of franchise itself, leading to payment delays. That was however, something not under their control. They ran out of the limit the Government set that you can transfer from Indian bank to a foreign country.
GE's fanbase is divided. They won't take Indian players since they don't want to perform bad. The SEA+imports they got didn't perform well either.
I however my take is, all this doesn't matter. GE needs to succeed with international/SEA players and garner some international fanbase outside of India. India being a low income economy doesn't help them. Indian valorant viewership isn't huge. They had among the lowest bundle sales. This will eventually matter the most to Riot. Performance was never the criteria for franchise initially.