Tegeta Exploration and Resources has withdrawn its application to liquidate the Gupta family’s Oakbay Investments, the business rescue practitioners confirmed on Friday. Business Day reports that Tegeta encompasses four of eight Gupta-linked companies which were placed in business rescue in February 2018 after they lost their banking facilities and were unable to transact. Oakbay, a holding company owned and controlled by the Guptas, owns 29% of Tegeta and is not in business rescue. Five months ago Tegeta, as run by the business rescue practitioners, approached the High Court to liquidate Oakbay, saying it was owed R3.8m by the company in relation to a lease service agreement between the two. In the founding affidavit, business rescue practitioner Kurt Knoop said in terms of the Companies Act, Oakbay is deemed unable to pay its debt and is liable to be wound up. The matter was heard in June and was awaiting judgment but the parties have settled the matter out of court.