Business rescue practitioners responsible for Tegeta Exploration and Resources have applied to have Oakbay Investments liquidated.
As first reported by Netwerk24, this comes as Oakbay is struggling to pay Tegeta.
Tegeta business rescue practitioner Louis Klopper confirmed to Fin24 on Tuesday morning that Tegeta had applied to initiate a process of liquidating Oakbay, which was the flagship SA company of the Gupta family.
The application was lodged in the Johannesburg High Court.
“We have made [the] application. We issued the papers last night. Obviously Oakbay will have to apply their opposing papers and it must go to the courts,” said Klopper.
According to court documents Oakbay owes Tegeta R2.4m in back rent.
Fin24 could not immediately reach Oakbay for comment.
*More to come