Engagement Status Updates
NOI: On January 23, 2025 (the “NOI Filing Date“), The Saree Room Inc. (the “Company“) filed an Notice of Intention to Make a Proposal (“NOI“) under subsection 50.4(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) and Baigel Corp., Licensed Insolvency Trustee, consented to act as trustee under the NOI (the “Trustee“). The Estate Number for the proposal proceeding is 31-3177438.
Pursuant to s. 69(1) of the BIA, the NOI filing provides for a stay of proceedings against the Company and its property, subject to certain limitations, while the Company formulates a restructuring plan and attempts to develop a viable proposal for its creditors. Creditors have no remedy against the Company’s property and must not commence or continue all collection actions against the Company in respect of any debts owed as of the NOI Filing Date, unless an exception has been provided for in law, or a court of competent jurisdiction orders otherwise.
Proposal: The Company executed a proposal dated February 20, 2025 (the “Proposal“), which was lodged with the Trustee and filed with the Official Receiver on February 21, 2025. The Trustee forwarded creditor packages in respect of the Proposal to all known creditors of the Company on February 24, 2025. The meeting of creditors to consider the Proposal, among other things, is scheduled to be held via Zoom videoconference at 11:00 a.m. (Toronto/eastern time) on March 14, 2025. Creditors who wish to vote on the Proposal (in person, by proxy or by voting letter) and/or participate in the meeting of creditors must prove their claim to the Trustee prior to the start of the meeting of creditors.
Creditor/Stakeholder Inquiries
Enquiries from creditors and/or stakeholders may be directed to the Proposal Trustee’s office by contacting:
Deborah Taras
Email: taras@baigel.ca
Noah Litwack, CIRP, LIT
Email: litwack@baigel.ca
Tel: +1 (416) 224-4350