Barakaa Developer Inc., Lerrato Inc. and 2145499 Ontario Inc.

Barakaa Developer Inc., Lerrato Inc. and 2145499 Ontario Inc. have been under court-appointed receivership in Ontario since October 21, 2024, when the Ontario Superior Court of Justice appointed KSV Restructuring Inc. as receiver and manager on the application of first-ranking mortgagee Foremost Mortgage Holding Corporation, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Foremost holds mortgages registered ahead of other encumbrances, with $6,185,000 owing by 2145499 Ontario Inc., $4,133,000 by Barakaa and $3,155,000 by Lerrato, before interest, professional fees, property tax payments and other accruing costs. Subsequent mortgages are held by BIP Management Inc., Galidan Inc., 1417199 Ontario Limited and Tripta Dhingra. Mortgages of $5,000,000 registered against each debtor in favour of the Joshi Parties are disputed, with the respondents challenging their validity in ongoing litigation. The proceeding is active under court file CV-24-00724076-00CL.