2338486 Ontario Limited
- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- Court
- Ontario Superior Court of Justice · Commercial List
- Industry
- Real estate · Residential development
2338486 Ontario Limited is the subject of a court-appointed receivership application in the Ontario Superior Court of Justice (Commercial List), commenced April 24, 2025 under BIA s. 243. Senior secured creditor ICICI Bank Canada holds a first-ranking charge on 392 and 398 Erb Street West, Waterloo (Instrument No. WR1517871, registered August 4, 2023, principal $2,800,000), a June 29, 2023 general security agreement and a general assignment of rents, with indebtedness of $2,964,777.84 as at March 1, 2025 and $2,999,758.26 as at April 1, 2025, accruing at $473.35 per diem and guaranteed personally by sole director and officer Kamal Patel. CORFinancial Corp., which also acted as the debtor's financial advisor, registered a $500,000 charge and PPSA security the Bank says breached its commitment letter, and issued a March 19, 2025 notice of sale the Bank disputes. Masri O Inc. registered an architectural lien on March 17, 2025. The file is closed.
Debtor
File Documents
Receiver
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 3 orders, Feb 2026 | 318 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 3 orders, Apr 2025 | 132 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantICICI Bank Canada | Thornton Grout Finnigan LLP | 29 Jun 2023 | Application · 29 Jun 2023 |
| CreditorICICI Bank Canada | Thornton Grout Finnigan LLP | 16 Apr 2025 | Factum · 16 Apr 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | ICICI Bank CanadaFirst-ranking mortgage on title to the Real Properties (392 and 398 Erb Street West, Waterloo) and a general security agreement — Fulcrum/senior secured creditor; Term Loan principal was $2.8 million. First Report (p.5) describes indebtedness as 'approximately $3.0 million' as at Receivership Date (April 24, 2025), plus accruing interest ($473.35/diem per affidavit), legal and other fees; exact figure of $2,999,758.26 is the dated balance per Meunier Affidavit as of April 1, 2025. Kamal Patel (sole director/officer) provided an unlimited personal guarantee (related party/personal guarantor). I · as of 1 Apr 2025 | $3M | First Report of the Receiver – February 19, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
4 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
ICICI Bank Canada: shortfall.EstimatedFirst Report of the Receiver – February 19, 2026 · 19 Feb 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | ICICI Bank Canada | — | shortfall | Estimatedper the receiver | First Report of the Receiver – February 19, 2026 · 19 Feb 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
1 engagement · 1 firm — Albert Gelman Inc., 2 Apr 2025 – 31 Jan 2026, in feesFirst Report of the Receiver – February 19, 2026 · 19 Feb 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Albert Gelman Inc.Receiver | 2 Apr 2025 – 31 Jan 2026 | — | First Report of the Receiver – February 19, 2026 · 19 Feb 2026 |
2 blurred figures above
What the firm billed — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Ancillary Relief and Discharge Order dated February 26, 2026
| PDF · Subscribers | |
Approval and Vesting Order dated February 26, 2026
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated February 26, 2026
| PDF · Subscribers | |
First Report of the Receiver – February 19, 2026
| PDF · Subscribers | |
Endorsement of Justice J. Dietrich dated April 24, 2025
| PDF · Subscribers | |
Receivership Appointment Order dated April 24, 2025
| PDF · Subscribers | |
| Supplemental Affidavit of L. Meunier dated April 22, 2025 | PDF · Subscribers | |
Endorsement of Justice J. Dietrich dated April 17, 2025
| PDF · Subscribers | |
Factum of the Applicant – ICICI Bank Canada dated April 16, 2025
| PDF · Subscribers | |
Affidavit of L. Meunier dated April 14, 2025
| PDF · Subscribers | |
Service List (April 8, 2025)
| PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “2338486 Ontario Limited” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/2338486-ontario-limited