Panjaab Transport denies wrongdoing, outlines plan to emerge from receivership

James Menzies
@JamesMenzies

Panjaab Transport says it has a plan to emerge from receivership, with a $13-million mortgage approval in place that will allow it to cover its debt obligations.

Company owner Sandeep ‘Sunny’ Singh tells trucknews.com the company’s Oakville properties were appraised at $17 million and it has been approved for a $13 million mortgage, “leaving significant equity to cover creditors in full.”

RBC says it is owed about $12 million. Singh said the company is legally challenging the receiver’s interim report, and denies accusations of diversion of funds and any other improprieties alleged within the report.

It is also appealing a CRA audit that denied Panjaab Transport $2.7 million in HST claims and resulted in a $602,000 fine. CRA said its audit found the denied claims stemmed from transactions with related businesses not engaged in commerce.

“The company continues cooperating through counsel to resolve outstanding matters and protect the interests of employees, customers and creditors,” Singh said.

James Menzies
@JamesMenzies


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  • Yes I am sure they have a plan in place,the same plan Pride Logistics had.First we go for a reorganization and then when the creditors refuse the offer you claim your creditors and the legitimate carriers are motivated by racism and that failure to accept the restructuring will result in job losses.Next thing we know in spite of the fact that everyone one knows there will be no job losses and the drivers are only contractors the judge orders the creditors to accept.Bingo Bongo you are back in business with a third or less of your current debt and back you go to reek havoc on the industry.Sweet deal and yet somehow we believe Chris and Tamara should have got longer prison sentences than violent offenders???

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