Gupta-linked Optimum Coal Terminal's rescue plan gets another tailwind after Supreme Court ruling | Business

📆 02/04/2023 16:30:00
📰 News24

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The Supreme Court of Appeal has dismissed Tegeta Exploration and Energy's appeal case, charting the way for Optimum Coal Terminal's rescue plan to move forward. | News24_Business

The Tegeta board wanted the SCA to authorise it to vote on the business rescue plan for Optimum Coal Terminal.

The SCA made the ruling on Friday following a protracted dispute between business rescue practitioners and Gupta associates, on who has the right to vote on the business rescue plan. Other OCT creditors have already voted overwhelmingly in favour of adopting the proposed business rescue plan.But the Tegeta board is still fighting the business rescue plan and has tried numerous times to prevent the BRPs from convening the creditors' meetings.

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