Optimum's rescue on the line again as Gupta affiliates seek interdict

The rescue of Optimum Coal again hangs in the balance as the latest court bid by Gupta affiliates has succeeded in delaying a critical creditors' meeting intended to take place on Wednesday.

The creditors' meeting, where a business rescue plan for the Optimum Coal Terminal will be voted on, has been postponed after three directors of Tegeta Exploration and Resources, and known-Gupta affiliates, launched a court bid to interdict the meeting.

The matter brought by Ronica Ragavan, Ravindra Nath and Ashu Chawla, was heard in the Johannesburg High Court on Tuesday. The interdict was not granted, but judgment was reserved and forced the business rescue practitioners to delay the meeting.