Bank of Las Vegas Sues Former Quality Inn Owners
Bank of Las Vegas has sued Pramuk Krupa and Swami Krupa along with Jayesh Joshi, Kishor Patel, Ravindra Patel and Aziz Sonawalla for non-payment of debts.
In 2004, Joshi, Patel’s and Sonawala signed a promissory note for $2.73 million secured by the deed of trust on real property, Quality Inn with a physical address 4975 S. Valley View. The partners personally guaranteed the loan to acquire Quality Inn. They also acquired another loan totaling $2.3 million for the Quality Inn located at 910 E. Cheyenne. Both Quality Inns were sold in an auction totaling $3 million leaving with a substantial deficit on the loan.
Defendants Joshi, Patel’s and Sonawala have failed and refused to pay approximate principal amount of over $3.8 million plus interest and charges. In November 2008, defendants ceased making payments. The proceeds from auction did not satisfy defendant’s indebtedness to Bank of Las Vegas.
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