Tegeta Exploration and Resources has applied for the liquidation of sister company Oakbay Investments.
Gupta-controlled Tegeta Exploration and Resources has applied to the Gauteng High Court for the liquidation of sister company Oakbay Investments. It is the second time Tegeta has approached the court for the liquidation of Oakbay.
“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,” confirmed Tegeta business rescue practitioner Louis Klopper in an interview with Fin24.
The affidavit states that Oakbay is liable to be wound up because it owes Tegeta R3.8 million in rental and services arrears and that it is unable to pay its debts.
The first application was in September 2018, claiming unpaid fees of R2.05 million over a period of a year and a half, but was withdrawn after payment in December.
In 2013 Oakbay rented office space form Tegeta at Grayston Ridge Office Park in Sandton for R150,000 a month, escalating by 10 percent a year, including various services such as phone and fax connections. The lease agreement was extended in October 2017.
The notice to pay R1.38 million was served at the end of December, but the deadline was missed, resulting in Tegeta’s business rescue practitioners bringing an application for Oakbay’s winding up.
Louis said:
“Despite numerous reminders and letters from our attorneys for them to pay, they have ignored all that, so we have no other option than to apply for their liquidation so that we can try and retrieve this money in the interest of the company."
“Tegeta is also a company with expenses to meet and if you don't get that income coming in it just mounts up and it has now mounted to to an amount of R3.8 million.”
