Barakaa Developer Inc., Lerrato Inc. and 2145499 Ontario Inc.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43
- File
- CV-24-00724076-00CL
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.
Amended Notice of Motion re Doric Sale Approval dated September 4, 2026 — Application / notice of application
Factum of the Applicant - Foremost Mortgage Holding Corporation dated January 2, 2026 — Factum / brief
Receiver's Certificate re 23 Madison Avenue dated December 31, 2025 — Court officer certificate
Approval and Vesting Order re 23 Madison Avenue dated December 1, 2025 — Approval and vesting order
Approval and Vesting Order re 369 Porte Rd. dated December 1, 2025 — Approval and vesting order
Approval and Vesting Order re 377 Porte Rd. dated December 1, 2025 — Approval and vesting order
The officer filed report no. Fifth Report. The Receiver negotiated replacement sale transactions for the disclaimed 369 Porte, 377 Porte and 23 Madison properties with the occupying purchasers, and seeks Court approval of these Transactions and a distribution to Foremost, while 214's Doric condominium development continues under construction with various consultants.
The officer filed report no. Supplement to the Fourth Report. The Receiver is completing construction deficiencies at the Doric Development (Cranswick Towns) via a construction manager, with no units yet sold or marketable pending completion, and requires an increase in its borrowing limit from $1.2 million to $1.7 million to fund completion and receivership costs.
Source: Supplement to the Fourth Report of the Receiver dated October 8, 2025
Supplemental Motion Record of the Receiver dated October 8, 2025 — Application / notice of application
Book of Authorities of the Receiver dated September 29, 2025 — Application / notice of application
Notice of Motion re APS Disclaimer dated August 15, 2025 — Application / notice of application
The court granted an approval and vesting order for the sale to Sara Qadeer and Talha Azim Butt. Closing terms, as extracted: vesting effective upon delivery of Receiver's Certificate confirming payment, satisfied conditions, and completion of the Transaction.
Source: Approval and Vesting Order for 375 Porte Road dated June 13, 2025
Court appointed KSV Restructuring Inc. receiver and manager of the three debtors on Foremost Mortgage Holding Corporation's application, commencing the receivership.
Source: Receivership Appointment Order dated October 21, 2024
Fresh as Amended Notice of Application of the Applicant dated October 10, 2024 — Application / notice of application
Case update
Barakaa: ten Ajax townhouses and a sealed price floor
The last unsold property in the Barakaa receivership is a ten-unit townhouse condominium in Ajax that needed a transformer costing more than $500,000 and completion work now estimated at $965,000; on September 18 the receiver asks to sell the units against sealed target and floor prices, without further motions, with each vesting order signed by the registrar.
Debtor
Barakaa Developer Inc., Lerrato Inc. and 2145499 Ontario Inc.
Receiver
AlixPartners
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 4 orders, Mar 2025 – Sep 2026 | 220 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 4 orders, Jun 2025 – Dec 2025 | 288 cases on record |
| Justice Myers | Ontario Superior Court of Justice | 3 orders, Oct 2025 – Jan 2026 | 103 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 2 orders, Feb 2025 | 182 cases on record |
| Justice Black | Ontario Superior Court of Justice | 2 orders, Oct 2024 | 176 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlixPartners | Dla Piper LLP | 21 Mar 2025 | Application · 21 Mar 2025 |
| ReceiverKSV Restructuring Inc | Dla Piper LLP | 11 Oct 2024 | Service list · 11 Oct 2024 |
| Applicant | Rothstein LLP | 10 Oct 2024 | Application · 10 Oct 2024 |
| DebtorBarakaa Developer Inc., Lerrato Inc. and 2145499 Ontario Inc. | Chaitons LLP | 11 Oct 2024 | Service list · 11 Oct 2024 |
| CreditorBIP Management Corporation and Galidan Inc | Fij Law LLP | 11 Oct 2024 | Service list · 11 Oct 2024 |
| CreditorForemost Mortgage Holding Corporation | Rothstein LLP | 2 Jan 2026 | Factum · 2 Jan 2026 |
| CreditorNon- Stakeholders | Rohoman & Mohammed LLP | 3 Oct 2025 | Factum · 3 Oct 2025 |
| CreditorSanjive Joshi | Berkow Youd Lev-Farrell Das LLP | 11 Oct 2024 | Service list · 11 Oct 2024 |
| CreditorTripta Dhingra and 1417199 Ontario Limited | Professional Corporation | 11 Oct 2024 | Service list · 11 Oct 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Foremost Mortgage Holding CorporationMortgage (registered prior to other mortgages) — Before interest, fees and other accruing costs; figures in $000s — debtor: 2145499 Ontario Inc. | $6.18M | First Report of the Receiver dated January 20, 2025 |
| Secured | Joshi Parties (Sanjive Joshi, Xpert Credit Control Solutions Inc., Xpert Law Inc.)Mortgage (377 Porte Road and the Porte Easement only) — Disputed - Respondents challenge validity; ongoing litigation; before interest, fees and other accruing costs; figures in $000s — debtor: Lerrato Inc. | $5M | First Report of the Receiver dated January 20, 2025 |
| Secured | Foremost Mortgage Holding CorporationMortgage (registered prior to other mortgages) — Amount shown is before interest, professional fees, property tax payments and other accruing costs; figures in $000s — debtor: Barakaa Developer Inc. | $4.13M | First Report of the Receiver dated January 20, 2025 |
| Secured | Foremost Mortgage Holding CorporationMortgage (registered prior to other mortgages) — Before interest, fees and other accruing costs; figures in $000s — debtor: Lerrato Inc. | $3.15M | First Report of the Receiver dated January 20, 2025 |
| Secured | BIP Management Inc.Mortgage (Subsequent Mortgagee) — Before interest, fees and other accruing costs; figures in $000s — debtor: 2145499 Ontario Inc. | $2M | First Report of the Receiver dated January 20, 2025 |
| Secured | BIP Management Inc.Mortgage (Subsequent Mortgagee) — Before interest, fees and other accruing costs; figures in $000s — debtor: Barakaa Developer Inc. | $1.5M | First Report of the Receiver dated January 20, 2025 |
| Secured | Tripta DhingraMortgage (Subsequent Mortgagee) — Before interest, fees and other accruing costs; figures in $000s — debtor: 2145499 Ontario Inc. | $1.5M | First Report of the Receiver dated January 20, 2025 |
| Secured | BIP Management Inc. and Galidan Inc.Mortgage (Subsequent Mortgagee) — Before interest, fees and other accruing costs; figures in $000s — debtor: 2145499 Ontario Inc. | $1M | First Report of the Receiver dated January 20, 2025 |
| Secured | 1417199 Ontario LimitedMortgage (Subsequent Mortgagee) — Before interest, fees and other accruing costs; figures in $000s — debtor: Barakaa Developer Inc. | $750K | First Report of the Receiver dated January 20, 2025 |
| Secured | BIP Management Inc.Mortgage (Subsequent Mortgagee) — Before interest, fees and other accruing costs; figures in $000s — debtor: Lerrato Inc. | $700K | First Report of the Receiver dated January 20, 2025 |
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
11 transactions · 6 closed · 3 not completed · 1 proposed · 1 approved — summarize the proposed sale process for the Doric UnitsSixth Report of the Receiver dated August 31, 2026 · 31 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Zen Jie Wanga home built by Barakaa located at 25 Madison Avenue, Richmond Hill · real property · agreement 12 Feb 2025 | $2.4MSale price shown in $000s table as 2,401 | Proposed | Second Report as Receiver and Manager dated… |
| Zeng Jie Wangthe land and building known municipally as 25 Madison Avenue, Richmond Hill, Ontario and the chattels listed in the Sale Agreement · real property · agreement 12 Feb 2025 | not stated | Closeddate not stated | Third Report of the Receiver dated May 30, 2025 |
| Sara Qadeer and Talha Azim Buttthe land and building known municipally as 371 Porte Road, Ajax, Ontario and the chattels listed in the Sale Agreement (collectively, the ' Purchased Assets ') · real property · agreement 9 May 2024 | not stated | Closed | Receiver's Certificate re 371 Porte dated June… |
| Zeba Qadeer and Raja Abdul Qadeerthe land and building known municipally as 373 Porte Road, Ajax, Ontario and the chattels listed in the Sale Agreement (collectively, the 'Purchased Assets') · real property · agreement 6 May 2024 | not stated | Approved13 Jun 2025 | Approval and Vesting Order for 373 Porte Road… |
| Mohammed Alsharafi and Fatima Jeddi23 Madison · real property · agreement 29 Oct 2023 | $650deposits totaling $650,000 (000s); Receiver unable to agree terms, intends to disclaim | Not completed | Fourth Report of the Receiver dated August 7,… |
| Sara Qadeer and Talha Azim Buttthe land and building known municipally as 371 Porte Road, Ajax, Ontario and the chattels listed in the Sale Agreement · real property · agreement 21 May 2025 | not statedIncludes credit of $175,000 in respect of deposit; total sale price not individually stated | Closeddate not stated | Fourth Report of the Receiver dated August 7,… |
| Umair Qadeerthe land and building known municipally as 375 Porte Road, Ajax, Ontario and the chattels listed in the Sale Agreement · real property · agreement 20 May 2025 | not statedIncludes credit of $175,000 in respect of deposit; total sale price not individually stated | Closeddate not stated | Fourth Report of the Receiver dated August 7,… |
| Zeba Qadeer and Raja Abdul Qadeerthe land and building known municipally as 373 Porte Road, Ajax, Ontario and the chattels listed in the Sale Agreement · real property · agreement 20 May 2025 | not statedIncludes credit of $175,000 in respect of deposit; total sale price not individually stated | Closeddate not stated | Fourth Report of the Receiver dated August 7,… |
| purchaser of 369 Porte, pending disclaimer motion369 Porte Road, Ajax · real property · agreement 12 Aug 2022 | $150deposit paid $150,000 (000s) | Not completed | Fourth Report of the Receiver dated August 7,… |
| purchasers of 377 Porte, pending disclaimer motion; advised willing to close377 Porte Road, Ajax · real property · agreement 12 Aug 2022 | $150deposit paid $150,000 (000s) | Not completed | Fourth Report of the Receiver dated August 7,… |
| Muhammed Jehanzeb Aghathe land and building known municipally as 371 Porte Road, Ajax, Ontario ... and the chattels listed in the Sale Agreement (collectively, the ' Purchased Assets ') · real property · agreement 24 Nov 2025 | not stated | Closed24 Feb 2026 | Receivers Certificate dated February 24, 2026 |
Unsecured creditors: no distribution. Foremost short by $1.36M.EstimatedMotion Record of the Receiver · 5 Sep 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Foremost | — | short by $1.36M | per the receiver | Motion Record of the Receiver · 5 Sep 2025 |
| Unsecured | subordinate ranking mortgagees or other creditors | — | no distribution | Estimatedper the receiver | Motion Record of the Receiver · 5 Sep 2025 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
Cumulative receipts
$7.34M
As at 8 Oct 2025Supplement to the Fourth Report of the Receiver dated October 8, 2025
Cumulative disbursements
$7.25M
As at 8 Oct 2025Supplement to the Fourth Report of the Receiver dated October 8, 2025
Cash on hand
$82.8K
As at 8 Oct 2025Supplement to the Fourth Report of the Receiver dated October 8, 2025
Professional fees to date
$422K
As at 8 Oct 2025Supplement to the Fourth Report of the Receiver dated October 8, 2025
| Date | Document | File |
|---|---|---|
| Sale Process Approval Order dated September September 18, 2026 | Trustee site | |
| Authorities Brief of the Receiver dated September 14, 2026 | ||
| Factum of the Receiver dated September 14, 2026 | ||
| Amended Notice of Motion re Doric Sale Approval dated September 4, 2026 | ||
Endorsement of Justice Steele dated September 4, 2026
| ||
| Motion Record of the Receiver dated September 1, 2026 | ||
Sixth Report of the Receiver dated August 31, 2026
| ||
Receivers Certificate dated February 24, 2026
| ||
| Affidavit of Beatrice Loschiavo sworn January 7, 2026 | ||
| Amended and Restated Order dated January 7, 2026 | ||
Endorsement of Justice Myers dated January 7, 2026
| ||
| Affidavit of Hitesh Jhaveri sworn January 6, 2026 | ||
Factum of the Applicant - Foremost Mortgage Holding Corporation dated January 2, 2026
| ||
Receiver's Certificate re 23 Madison Avenue dated December 31, 2025
| ||
| Motion Record of the Applicant dated December 16, 2025 | ||
Receiver's Certificate re 377 Porte dated December 11, 2025
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Ancillary Order dated December 1, 2025
| ||
| Approval and Vesting Order re 23 Madison Avenue dated December 1, 2025 | ||
Approval and Vesting Order re 369 Porte Rd. dated December 1, 2025
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Approval and Vesting Order re 377 Porte Rd. dated December 1, 2025
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Endorsement of Justice Cavanagh dated December 1, 2025
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Factum of the Receiver dated November 27, 2025
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| Supplement to Fifth Report of the Receiver dated November 26, 2025 | ||
Fifth Report to the Court dated November 24, 2025
| ||
| Motion Record of the Receiver dated November 24, 2025 | ||
Court Order dated October 10, 2025
| ||
| Court Order re Disclaimer of 23 Madison APS dated October 10, 2025 | ||
Endorsement of Justice Myers dated October 10, 2025
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Supplement to the Fourth Report of the Receiver dated October 8, 2025
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| Supplemental Motion Record of the Receiver dated October 8, 2025 | ||
Court Order re Porte Properties dated October 7, 2025
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Endorsement of Justice Steele dated October 7, 2025
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Book of Authorities of 377 Porte Purchasers dated October 3, 2025
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Factum of 377 Porte Purchasers dated October 3, 2025
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| Book of Authorities of the Receiver dated September 29, 2025 | ||
| Factum of the Receiver re 23 Madison dated September 29, 2025 | ||
| Factum of the Receiver re 369 and 377 Porte dated September 29, 2025 | ||
| Affidavit of Rohitkumar Patel sworn September, 8 2025 | ||
Motion Record of the Receiver dated September 5, 2025
| ||
Endorsement of Justice Cavanagh dated August 26, 2025
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| Notice of Motion re APS Disclaimer dated August 15, 2025 | ||
Motion Record of the Receiver datded August 8, 2025
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Fourth Report of the Receiver dated August 7, 2025
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Endorsement of Justice J. Dietrich dated August 5, 2025
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Receiver's Certificate re 371 Porte dated June 24, 2025
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| Receiver's Certificate re 373 Porte dated June 24, 2025 | ||
| Receiver's Certificate re 375 Porte dated June 24, 2025 | ||
| Ancillary Order dated June 13, 2025 | ||
Approval and Vesting Order for 373 Porte Road dated June 13, 2025
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Approval and Vesting Order for 375 Porte Road dated June 13, 2025
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Endorsement of Justice Cavanagh dated June 13, 2025
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Motion Record of the Respondents dated June 12, 2025
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Factum of the Receiver dated June 10, 2025
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Motion Record of the Receiver dated May 30, 2025
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Third Report of the Receiver dated May 30, 2025
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Endorsement of Justice Steele dated March 24, 2025
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Sale approval Order re 25 Madison dated March 24, 2025
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Factum re Sale Approval Motion for 25 Madison
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Motion Record of the Receiver dated March 14, 2025
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Second Report as Receiver and Manager dated March 13, 2025
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Court Order dated February 3, 2025
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Endorsement of Justice Kimmel dated February 3, 2025
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| Motion Record of the Receiver dated January 21, 2025 | ||
First Report of the Receiver dated January 20, 2025
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Endorsement of Justice Black dated October 21, 2024
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Receivership Appointment Order dated October 21, 2024
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| Factum of the Applicant dated October 17, 2024 | ||
Service List as at October 11, 2024
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Fresh as Amended Notice of Application of the Applicant dated October 10, 2024
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| Affidavit of Andrew Stern sworn August 2, 2024 | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Barakaa Developer Inc., Lerrato Inc. and 2145499 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/barakaa-developer-inc-lerrato-inc-and-2145499-ontario-inc