This issue comes with openvz nodes. After the creation of VE, we may face an issue like following,
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# vzctl enter 101
enter into VE 101 failed
Unable to open pty: No such file or directory

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Its solution is simple. Please do the following procedure

# vzctl exec 101 /sbin/MAKEDEV tty
# vzctl exec 101 /sbin/MAKEDEV pty
# vzctl enter 101

Now do the following, to find the udave package name as follows.

# rpm -qf /etc/udev/makedev.d/50-udev.nodes
udev-095-14.9.el5
# rpm -e udev-095-14.9.el5 –nodeps

Now restart that VE ( here 101 ) enjoy.