Ontario · NOI
Motion Record dated October 28, 2025
Application / notice of application · 28 October 2025
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What we verified from this filing7 verified
- commencement date28 October 2025
- applicant177 Cross Argus Development Inc.
- courtSUPERIOR COURT OF JUSTICE
- court file noBK-25-03281116-0032
- provinceONTARIO
- secured creditorsnote: Default judgment obtained against 177 Cross on March 5, 2025 (exact judgment amount, including interest/costs, not stated in reviewed pages); Third Mortgagee served a Notice of Intention to Enforce Security under s.244 BIA - dispute over service date (debtor says Sept 22, 2025; mortgagee's counsel initially asserted Sept 18, 2025); personal guarantees of the Third Mortgage given by directors Sam Ganni and Nawar and by related company Double Diamond Capital Inc. (related party); Notices of Attornment of Rents and Direction to Pay dated September 30, 2025 issued by the Third Mortgagee were declared null and void by court order dated October 30, 2025, with the Third Mortgagee found subject to the BIA stay · page: 9 · as of: 2023-03-15 · amount: 5000000 · debtor: 177 Cross Argus Development Inc. · creditor: Aarti Real Estate Enterprises Inc. and Mayuri Ventures Inc. (Third Mortgagee) · currency: CAD · security: Third mortgage registered against the Property as Instrument HR1953703 (Land Titles Division of Halton No. 20) on March 15, 2023, securing principal sum of $5,000,000; further secured by a Notice of Assignment of Rents – General registered the same date as Instrument HR1953704; additionally secured by a $5,000,000 collateral mortgage registered against five other parcels of land (the 'Sheppard Assembly Property') owned by entities related to 177 Cross and Double Diamond Capital Inc.
- secured creditorsnote: Vendor-take-back mortgages granted on purchase of the Property (purchase price $53,000,000 on/around March 15, 2023, vendor was 915643 Ontario Inc.); current amount owing described in the affidavit as 'approximately' $39,622,030 including accrued interest as of the affidavit's affirmation date · page: 20 · as of: 2025-10-28 · amount: 39622030 · debtor: 177 Cross Argus Development Inc. · creditor: 915643 Ontario Inc. · currency: CAD · security: First VTB mortgage (original registered amount $31,800,000) and second VTB mortgage (original registered amount $5,300,000) against the Property (177-185 Cross Ave & 580 Argus Road, Oakville, Ontario)