Ontario · Receivership (court-appointed)
Application Record of RBC dated February 2, 2024
Application / notice of application · 2 February 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing13 verified
- applicantRoyal Bank of Canada
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00713924-00CL
- proceeding typereceivership_court
- provinceONTARIO
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- statutory basisSUBSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, C. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, C. C.43, AS AMENDED
- commencement date31 January 2024
- secured creditorsnote: Amount stated in Demand Letter dated Jan 5, 2024 (matches figure recited in Notice of Application). Also secured by personal guarantee of Jagteshwar Singh Brar, limited to $585,324 principal plus interest (Guarantee dated July 27, 2020). · page: 10 · as of: 2024-01-05 · amount: 265322.74 · debtor: Payless Tyres Centre Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (PPSA registration); RBC is the only registered secured creditor under the PPSA against Payless
- secured creditorsnote: Amount stated in Demand Letter dated Jan 5, 2024 (matches figure recited in Notice of Application). Includes $1,782,169.85 relating to Sardara's guarantee of 278's obligations under the Sardara-278 Guarantee dated Oct 14, 2020 (guarantee ceiling of $1,900,000, not a balance). Also secured by personal guarantee of Jagteshwar Singh Brar (sole common director), limited to $2,500,000 principal plus interest (Guarantee dated Sept 27, 2022). · page: 10 · as of: 2024-01-05 · amount: 4436762.28 · debtor: Sardara Transport Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (PPSA registration); Security Agreement for Chattel Mortgage (PPSA registration); RBC is the first-to-register general secured creditor under the PPSA against Sardara
- secured creditorsnote: Amount stated in Demand Letter dated Jan 5, 2024 (matches figure recited in Notice of Application). Includes $2,500,000.00 relating to 278's guarantee of Sardara's obligations under the 278-Sardara Guarantee dated Sept 27, 2022 (guarantee ceiling of $2,500,000). Also secured by personal guarantee of Jagteshwar Singh Brar, limited to $850,000 principal plus interest (Guarantee dated Oct 14, 2020). · page: 10 · as of: 2024-01-05 · amount: 4282169.85 · debtor: 2780785 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (PPSA registration); Charge/Mortgage on Real Property (13760 Trafalgar Road, Halton Hills) in registered principal amount of $2,600,000.00; Assignment of Rents; RBC is the only registered secured creditor under the PPSA against 278
- secured creditorsnote: Private mortgage registered subsequent to RBC's charge on the same Real Property (RBC's charge, registered 2020-10-16, secures $2,600,000). Personally guaranteed by Jagteshwar Singh Brar and Harnek Singh Brar. Registration order per PPSA/land registry does not establish priority; no subordination stated. · page: 251 · debtor: 2780785 Ontario Inc. · creditor: 2794963 Ontario Inc. (56.25%) and Kamaljit Kaur Grewal (43.75%) · currency: CAD · security: Charge/Mortgage registered as HR1765592 on 2021-02-10 against 13760 Trafalgar Road, Halton Hills (chargee client file no. 445921); registered principal amount not stated on pages provided; additional/collateral security granted by third party Raag B Homes Ltd. via collateral charge on 7625 Middleshire Drive, Mississauga
- secured creditorsnote: Total owing per Tax Certificate as of Jan 10, 2024 (taxes levied $30,452.99 + other fees/charges $2,136.84 + penalty/interest $8,560.47, per the certificate's own total). Certificate notes the property is in the Tax Sale process. · page: 273 · as of: 2024-01-10 · amount: 43598.2 · debtor: 2780785 Ontario Inc. · creditor: Town of Halton Hills · currency: CAD · security: Statutory municipal property tax lien on Real Property (13760 Trafalgar Road, Halton Hills), per Tax Certificate issued under Section 352 of the Municipal Act