JOHANNESBURG – Gupta-owned Oakbay Investments has until March 25 to oppose a liquidation application lodged at the High Court in Johannesburg over a R2.4 million debt by Tegeta Exploration and Resources.
Tegeta in its papers claims the debt comprises back rent for office space, telephones, stationery and kitchen facilities.
Joint business practitioner Kurt Knoop said in the affidavit that Tegeta wanted Oakbay to be winded up on the basis that Oakbay was unable to pay its debts.
“The respondent (Oakbay) is in breach of the agreement in that the respondent failed to effect payment of the monthly rentals due to the applicant,” Knoop said.
Tegeta claims that Oakbay owes it rental for the period from June 2018 to last month.