Mahindra Jewellers Ltd. et al., Receivership

Mahindra Jewellers Ltd. et al., a group of Surrey, British Columbia-based jewellery companies, were placed into receivership on March 4 on application by CIBC, owed approximately $20 million.

CIBC initially provided a demand loan to the companies in 2022. CIBC demanded payment in July 2023 but the loan was not repaid. The parties entered into consecutive forbearance agreements which expired in late 2023. A payment of $360 thousand was made in February 2024, but no further payments have been made.

BDO is the receiver.

Counsel is Gowling WLG for CIBC.