Proceedings.

177 Cross Argus Development Inc.

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Active
Proceeding
NOIsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
Court
Ontario Superior Court of Justice
File
CL-25-00753599-0000
Filings held27
Last activity18 Sep 2026
On the record354 days
Secured debt$39.6M
OverviewSummary updated

177 Cross Argus Development Inc. filed a notice of intention to make a proposal under section 50.4 of the BIA on October 2, 2025 in Ontario, and the proceeding remains active. The debtor acquired 177-185 Cross Avenue and 580 Argus Road in Oakville for $53,000,000 on or around March 15, 2023, financed by vendor-take-back first and second mortgages from 915643 Ontario Inc. registered at $31,800,000 and $5,300,000; approximately $39,622,030 including accrued interest was owing as of October 28, 2025. A $5,000,000 third mortgage held by Aarti Real Estate Enterprises Inc. and Mayuri Ventures Inc. matured in 2024, and the third mortgagee obtained default judgment on March 5, 2025. Its September 30, 2025 notices of attornment of rents and direction to pay were declared null and void by order dated October 30, 2025, the mortgagee being found subject to the BIA stay.

Claims processIf you are owed money

The claims bar date has passed — claims were due by

Per the Priority Claims Procedure Order dated January 20, 2026 dated 20 January 2026.

Proceedings AIAsk this case — answers cite the filings
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Case updates27 dated entries
#Order

Approved the receiver's sale and investment solicitation process and authorized 915643 Ontario Inc.'s bid to act as stalking horse, with a Phase 1 bid deadline of February 27, 2026.

Source: SISP Order dated January 20, 2026

#Filing

915643 Ontario Inc. applied to the Ontario Superior Court of Justice under section 243(1) of the BIA and section 101 of the Courts of Justice Act for a receiver over the debtor's property.

Source: Motion Record dated October 28, 2025

AnalysisAll insights⁠

Case update

177 Cross Argus: the seller credit-bids its Oakville land back

915643 Ontario Inc. held 2.5 acres near the Oakville GO station for 32 years, sold them in 2023 for $53,000,000 to a developer planning 1,895 condominiums, and on April 22, 2026 bought them back from a receiver largely with the debt its vendor-take-back mortgages secured; the receiver's Third Report now asks to be discharged, with $88,383 in hand and the balance bound for the buyer.

Parties

Debtor

177 Cross Argus Development Inc.

Proposal trustee

Albert Gelman

Capital structureAs asserted in the filings
stated amounts, drawn to scale
#Priority classCreditorAmountSource
4Secured915643 Ontario Inc.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) — 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 — debtor: 177 Cross Argus Development Inc. · as of 28 Oct 2025$39.6MMotion Record dated October 28, 2025
4SecuredAarti Real Estate Enterprises Inc. and Mayuri Ventures Inc. (Third Mortgagee) · in 2 casesThird 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. — Default judgment obtained against 177 Cross on March 5, 2025 (exact judgment amount, including interest/costs, · as of 15 Mar 2023$5MMotion Record dated October 28, 2025
8Unsecured915643 Ontario Inc.debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$39.6MNotice to Creditors of NOI filing dated October 8, 2025
8Unsecured2340981 Ontario Ltddebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$7.61MNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredDr Zina Baraz & Dr BashiIndividual creditors (personal names) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$4.77MNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredAarti Real Estate Enterprise Incdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$3.44MNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredMayuri Venture Incdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$2.92MNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredSam Enterprisesdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$2.64MNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredSam GanniIndividual creditor (personal name); same individual signed the NOI Form 33 as representative of the insolvent Debtor - related party — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$1.26MNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredNawar MahfoothIndividual creditor (personal name) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$1MNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredDr BashiIndividual creditor (personal name) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$715KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredDr Ridha IbrahimIndividual creditor (personal name) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$650KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredNahid GanniIndividual creditor (personal name); shares surname with signing officer Sam Ganni - possible related party — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$539KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredBinno Properties Incdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$500KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredFaris Tappouni and Saba Al SayeghIndividual creditors (personal names) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$400KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredTown Of Oakville · in 4 casesPossible municipal tax claim — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$267KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredGhassan GhaliIndividual creditor (personal name) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$202KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredPriyanka DubeyIndividual creditor (personal name) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$201KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredCassels Brock & Blackwell LLP · in 22 casesdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$125KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredRed Pine Canopy Limiteddebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$120KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredZaid JiwaidahIndividual creditor (personal name) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$100KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredThaer Al MasrafIndividual creditor (personal name) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$100KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredArchitects Alliancedebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$64.4KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredWeston Consulting · in 2 casesdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$48.3KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredLea Consulting Ltddebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$43KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredWaverly Corporate Financial Services Ltd. · in 2 casesdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$37.5KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredCRA - Sudbury Tax Services Office · in 5 casesDeemed trust class (CRA indebtedness) — debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$33.7KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredUrbantechdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$30.4KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredOakville Hydro Electricity Distribution Inc. · in 2 casesdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$25.1KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredVirtualad Incdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$21.1KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredChaitons LLP · in 4 casesdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$19.2KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredMowtown Inc.debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$16.5KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredAxiom Advisors Limited Partnershipdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$15.8KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredWDK Management Incdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$5.99KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredHarbour Conceptsdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$5.45KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredA Canadian Comfortdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$4.47KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredORTECH Consulting Alliance Inc.debtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$3.8KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredWaste Management of Canada Corproationdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$3.05KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredKuntz Forestry Consulting Inc. · in 2 casesdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$2.2KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredDouble Diamond Capital Incdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$2.08KNotice to Creditors of NOI filing dated October 8, 2025
8UnsecuredDisha Financial Services Incdebtor: 177 Cross Argus Development Inc. · as of 2 Oct 2025$1.41KNotice to Creditors of NOI filing dated October 8, 2025
Sale processAs stated in the filings

Sale approved — the Stalking Horse Bid was determined to be the Successful Bid following rejection of a competing LOI, and the SISP did not proceed to Phase 2Second Report of the Receiver dated March 24, 2026 · 24 Mar 2026

Parties solicited

700

Second Report of the Receiver dated March 24, 2026

NDAs signed

25

Second Report of the Receiver dated March 24, 2026

Letters of intent

1

Second Report of the Receiver dated March 24, 2026

Bids received

1

Second Report of the Receiver dated March 24, 2026

Bid deadline (round closed)

20 March 2026

SISP Order dated January 20, 2026

Phase 1 deadline

27 February 2026

SISP Order dated January 20, 2026

Stalking horse

915643 Ontario Inc.

Third Report of the Receiver dated September 11, 2026

PurchaserPriceStatusSource
915643 Ontario Inc.Stalking horsethe Debtor's right, title and interest in and to the assets described in the APS (the "Purchased Assets") · asset sale · agreement 14 Jan 2026Credit bidPurchase Price largely satisfied by way of a credit bid, comprising Receiver's Charge Amount and other priority amountsClosed22 Apr 2026outside 30 Apr 2026Third Report of the Receiver dated September…
AdvisorsLennard Commercial Realty, Brokerage (listing broker)Third Report of the Receiver dated September 11, 2026
Closing termsVesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of Closing conditions, and completion of the Transaction.Order (Approval and Vesting) dated March 31, 2026
Fees and ratesAs stated in the filings

1 engagement · 1 firm — Albert Gelman Inc., the PeriodSecond Report of the Receiver · 24 Mar 2026

FirmPeriodHoursFeesRatesSource
Albert Gelman Inc.Receiverthe Period——$530.56stated averageSecond Report of the Receiver · 24 Mar 2026
Estate financialsReported figures — never derived

Cumulative receipts

$641K

As at 11 Sep 2026Third Report of the Receiver dated September 11, 2026

Cumulative disbursements

$553K

As at 11 Sep 2026Third Report of the Receiver dated September 11, 2026

Cash on hand

$88K

As at 11 Sep 2026Third Report of the Receiver dated September 11, 2026

Professional fees to date

$37.4K

As at 11 Sep 2026Third Report of the Receiver dated September 11, 2026

Documents
27 filings
DateDocumentFile
Motion Record of the Receiver (returnable September 18, 2026)PDF
Third Report of the Receiver dated September 11, 2026
  • Cash on hand $88K · Note: Receiver is currently holding funds in the amount of approximately $88,000, as of August 31, 2026; Interim SRD shows Estate Balance of $88,383 · As at: 2026-08-31 · Qualifier: approximately
  • Closing confirmed Closed · 22 Apr 2026 · 915643 Ontario Inc.
  • Disbursements $553K · Note: Total disbursements per Interim Statement of Receipts and Disbursements · Since: November 20, 2025 (Receivership Filing Date)
  • Operational summary The Receiver completed the sale of substantially all of the Debtors' Property (the Real Property) to the stalking horse purchaser, which closed on April 22, 2026, and is now winding down remaining administrative matters, including distribution of a small contingency fund, before seeking its discharge.
  • + 7 more extracted facts
PDF
Receiver’s Certificate dated April 22, 2026PDF
Endorsement dated March 31, 2026
  • Presiding officer Justice S. Dunphy
PDF
Motion Record of the Receiver (returnable March 31, 2026)PDF
Order (Ancillary Relief) dated March 31, 2026
  • Presiding officer Justice Dunphy
PDF
Order (Approval and Vesting) dated March 31, 2026
  • Closing terms Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of Closing conditions, and completion of the Transaction.
  • Order date 31 March 2026
  • Purchaser 915643 Ontario Inc. · the Debtor's right, title and interest in and to the assets described in the APS (the "Purchased Assets") · real property · approved
PDF
Second Report of the Receiver dated March 24, 2026
  • Cash on hand $7K · Note: Referred to as the 'Remaining Funds' held by the Receiver · As at: 2026-03-23 · Qualifier: approximately
  • Fee schedule Engagements: Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Label: the Period · Quote: The average hourly rate billed by the Receiver during the Period is $530.56. · Approval: State: unstated · Averages: — · Currency: · Invoices: Quote: rendered during the period from September to December amount to plus · Total: 43458 · Period end: 2025-12-01 · Period start: 2025-09-01; Quote: for the period from October to November total plus disbursements in the · Total: 16200 · Period end: 2025-11-01 · Period start: 2025-10-01; Quote: period from November to December total plus disbursements in the · Total: 10200 · Period end: 2025-12-01 · Period start: 2025-11-01 · Firm text: Albert Gelman Inc. · Firm quote: SECOND REPORT OF ALBERT GELMAN INC. IN ITS CAPACITY AS RECEIVER · Context quote: This report (the ' Second Report ') is filed by Albert Gelman Inc. (' AGI ') in its capacity as receiver and manager (in such capacity, the ' Receiver ')
  • Operational summary The Debtors have no employees and their real estate development project stalled due to liquidity issues; the Receiver conducted a SISP resulting in the Applicant's stalking horse bid being selected as the successful bid, with the Receiver recommending Court approval to complete the sale of the Real Property as a going concern.
  • Process results 700 solicited · 25 NDAs · 1 LOIs · 1 bids
  • + 7 more extracted facts
PDF
Ancillary Order dated January 20, 2026PDF
Endorsement dated January 20, 2026
  • Presiding officer Justice S. Dunphy
PDF
Motion Record of the Receiver (returnable Jan. 20, 2026)PDF
Priority Claims Procedure Order dated January 20, 2026
  • Claims bar date 13 March 2026
  • Order date 20 January 2026
PDF
SISP Order dated January 20, 2026
  • Bid deadline 27 February 2026
  • Order date 20 January 2026
  • Outside date 30 April 2026
  • Phase1 deadline 27 February 2026
  • + 5 more extracted facts
PDF
First Report of the Receiver dated January 13, 2026PDF
Endorsement dated Nov 27, 2025PDF
Order Appointing Receiver dated November 27, 2025
  • Applicant 915643 ONTARIO INC.
  • Appointee Albert Gelman Inc.
  • Appointee role receiver and manager
  • Commencement date 27 November 2025
  • + 4 more extracted facts
PDF
Endorsement dated November 20, 2025PDF
Endorsement dated November 18, 2025
  • Presiding officer Justice Cavanagh
PDF
Order – Withdrawal of NOI dated November 18, 2025
  • Presiding officer Justice Cavanagh
PDF
Application Record dated November 13, 2025PDF
Motion Record dated November 13, 2025PDF
Court Order dated October 30, 2025PDF
Endorsement dated October 30, 2025PDF
First Report of the Proposal Trustee dated October 29, 2025
  • Secured creditors Note: 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)
PDF
Motion Record dated October 28, 2025
  • Applicant 177 Cross Argus Development Inc.
  • Commencement date 28 October 2025
  • Court SUPERIOR COURT OF JUSTICE
  • Court file no BK-25-03281116-0032
  • + 2 more extracted facts
PDF
Notice to Creditors of NOI filing dated October 8, 2025
  • Unsecured creditors $715K · Note: Individual creditor (personal name) · Page: 3 · As of: 2025-10-02 · Basis: Listing of Creditors (claims of $250 or more) attached to Form 33 NOI, preliminary and subject to change · Debtor: 177 Cross Argus Development Inc. · Creditor: Dr Bashi
PDF
Certificate for the Notice of Intention
177 Cross Argus Development Inc. — NOI filed, Ontario.
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “177 Cross Argus Development Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/177-cross-argus-development-inc

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/177-cross-argus-development-inc

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.

177 Cross Argus Development Inc. — Notice of intention | Proceedings.