2338486 Ontario Limited
Follow- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- Court
- Ontario Superior Court of Justice · Commercial List
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.
Court officer report filed on the day the receivership proceeding commenced; it is the only step recorded on the file.
Debtor
File Documents
Receiver
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 3 orders, Apr 2025 | 89 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Feb 2026 | 288 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 | CORFinancial Corp. · in 2 casesPPSA (Ontario) and/or Land Registry Office registration against the Company and/or the Real Properties — Registration amount per searches; nature/type of registration not further specified in the report. — debtor: 2338486 Ontario Limited · as of 5 Mar 2025 | $500K | First Report of the Receiver – February 19, 2026 |
| 4 | Secured | Masri O Inc. (Lien Claimant)Construction/lien claim registered on title to the Real Properties, relating to architectural design and consultation services (Aug 2021–Jan 2025) — Disputed; Lien Claimant commenced a Lien Action post-filing in contravention of the stay, which has been stayed/suspended; validity and priority of the claim to be adjudicated as part of the receivership; distribution to Lien Claimant remains a Remaining Matter. — debtor: 2338486 Ontario Limited · as of 17 Mar 2025 | $104K | First Report of the Receiver – February 19, 2026 |
| 4 | Secured | City of Waterloo (property tax arrears)as of interim property tax bill dated January 27, 2026 — Statutory municipal property tax lien on the Real Properties — Regulatory/municipal tax arrears; to be satisfied on closing from Transaction proceeds ahead of ICICI's claim; approximate figure as stated. — debtor: 2338486 Ontario Limited | $34K | First Report of the Receiver – February 19, 2026 |
| 8 | Unsecured | Unsecured creditors (quantum unknown) · in 532 casesNot a stated zero; unsecured creditor population and amounts are unknown/unreported by the Receiver. — debtor: 2338486 Ontario Limited | — | First Report of the Receiver – February 19, 2026 |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This 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, $79,178.50 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 | — | $79,178.50 | $510.50stated average | First Report of the Receiver – February 19, 2026 · 19 Feb 2026 |
| Date | Document | File |
|---|---|---|
Ancillary Relief and Discharge Order dated February 26, 2026
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| Approval and Vesting Order dated February 26, 2026 | ||
Endorsement of Justice Cavanagh dated February 26, 2026
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First Report of the Receiver – February 19, 2026
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Endorsement of Justice J. Dietrich dated April 24, 2025
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Receivership Appointment Order dated April 24, 2025
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| Supplemental Affidavit of L. Meunier dated April 22, 2025 | ||
Endorsement of Justice J. Dietrich dated April 17, 2025
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Factum of the Applicant – ICICI Bank Canada dated April 16, 2025
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Affidavit of L. Meunier dated April 14, 2025
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Service List (April 8, 2025)
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Notice of Application
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Filing titles, dates, and extracted key facts are public.
CiteProceedings., “2338486 Ontario Limited” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 20 September 2026, https://proceedings.ca/case/2338486-ontario-limited