Background: CIBC sought summary judgment against Defendants 2391642 Ontario Inc., Sarvanithi Yogarajan Veluppillai, and Chuckles Jack Inc. for default on three loans totaling $559,293, possession of two properties as loan security, and $13,481.85 for unauthorized overdraft account accruals. The Defendants conceded there was no genuine issue for trial regarding the loans but contested the overdraft account charges, which CIBC later withdrew.

Issues/Main Discussion:

• Whether there is a genuine issue requiring a trial.
• If Defendants are in default of the loan agreements and the remedies entitled.

Ruling:

• The court found no genuine issue requiring a trial, granting summary judgment in favor of CIBC. It was determined Defendants are in default of the loan agreements.
• Remedies granted include payment of the loan principal and interest, delivery of two properties to CIBC, and permission for CIBC to issue writs of possession for these properties.

Amount Awarded:

• Total of $559,293 for the outstanding loans and accrued interest.
• Costs awarded to CIBC amounted to $24,851.78, inclusive of disbursements.