Ontario · NOI
First Report of the Proposal Trustee dated October 29, 2025
Court officer report · 29 October 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing3 verified
- secured creditorsnote: Principal/original advance amount stated, not an outstanding balance figure; VTB financing granted on acquisition of the Subject Property in March 2023 · page: 6 · debtor: 177 Cross Argus Development Inc. · creditor: 915643 Ontario Inc. (VTB Mortgagee) · currency: CAD · security: First mortgage registered on title to the Subject Property (177-185 Cross Ave. & 580 Argus Road, Oakville, ON) - vendor-take-back financing; registered principal amount approximately $31.8 million
- secured creditorsnote: Principal/original advance amount stated, not an outstanding balance figure; ranks behind the First Mortgage · page: 6 · debtor: 177 Cross Argus Development Inc. · creditor: 915643 Ontario Inc. (VTB Mortgagee) · currency: CAD · security: Second mortgage registered on title to the Subject Property - vendor-take-back financing; registered principal amount approximately $5.3 million
- secured creditorsnote: Registered principal amount, not a confirmed current outstanding balance; report separately describes it as 'approximately $5.0 million'. Mortgage matured in 2024; Third Mortgagee obtained default judgment against the Company on March 5, 2025 (quantum not stated). Personal guarantees exist from Mr. Ganni and Mr. Mahfooth, and a corporate guarantee/collateral mortgage from Double Diamond Capital Inc. (related party, controlled by the guarantors) over five additional parcels. Third Mortgagee delivered a Notice of Intention to Enforce Security (NITES) and, on Sept 30, 2025, an Attornment Notice to tenants, disputed by the Company as stayed under BIA ss.69/69.1; dispute unresolved as of filing. · page: 6 · debtor: 177 Cross Argus Development Inc. · creditor: Aarti Real Estate Enterprises Inc. and Mayuri Ventures Inc. (Third Mortgagee) · currency: CAD · security: Third mortgage registered on title as Instrument No. HR1953703 (Land Titles Division of Halton, No. 20) on March 15, 2023, securing a registered principal sum of $5,000,000.00; further secured by a Notice of Assignment of Rents - General (Instrument No. HR1953704)