Ontario · Receivership (court-appointed)
Application Record dated September 10, 2025 Part 1
Application / notice of application · 10 September 2025
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 filing6 verified
- secured creditorsnote: Per October Demand Letter breakdown: two term loans ($305,785.42 + $132,231.71), operating loan $17,588.36, credit cards $4,839.71. RBC confirmed as sole registered PPSA secured creditor against this debtor. Personally guaranteed by directors Varun Kakkar and Anza Chaman, each limited to $501,000 (related-party guarantors, not separate secured creditors). · page: 60 · as of: 2024-10-25 · amount: 460445.2 · debtor: 15223873 Canada Inc. ("873") · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement and Security Agreement (chattel mortgage), PPSA-registered blanket security over Inventory, Equipment, Accounts, Other and Motor Vehicle
- secured creditorsnote: Per October Demand Letter breakdown: term loan $355,405.97, operating loan $20,203.62, credit cards $5,089.17. RBC confirmed as sole registered PPSA secured creditor against this debtor. Personally guaranteed by directors Varun Kakkar and Anza Chaman, each limited to $436,000. · page: 60 · as of: 2024-10-25 · amount: 380698.76 · debtor: 15224705 Canada Inc. ("705") · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement and Security Agreement (chattel mortgage), PPSA-registered blanket security over Inventory, Equipment, Accounts, Other and Motor Vehicle
- secured creditorsnote: Per October Demand Letter breakdown: term loan $429,728.18, operating loan $15,087.91, credit cards $3,493.68. RBC confirmed as sole registered PPSA secured creditor against this debtor. Personally guaranteed by directors Varun Kakkar and Anza Chaman, each limited to $498,000. · page: 60 · as of: 2024-10-25 · amount: 448309.77 · debtor: 15224721 Canada Inc. ("721") · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement and Security Agreement (chattel mortgage), PPSA-registered blanket security over Inventory, Equipment, Accounts, Other and Motor Vehicle
- secured creditorsnote: Stated only as an approximation in the April Demand Letters ('approximately $300,000'); no exact dated balance disclosed in the record (a scheduled May 2025 payout was aborted before an updated payout figure was finalized). RBC confirmed as sole registered PPSA secured creditor against this debtor. Personally guaranteed by director Varun Kakkar under two guarantees limited to $77,500 and $87,500 respectively. · page: 62 · as of: 2025-04-22 · amount: 300000 · debtor: 12870428 Canada Inc. ("128") · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement and Security Agreement (chattel mortgage), PPSA-registered blanket security over Inventory, Equipment, Accounts, Other and Motor Vehicle; also secures Canada Small Business Financing Loan (CSBFL) credit agreement
- secured creditorsnote: Deemed-trust priority claim for employee source deductions and HST. RBC states it 'still has no clarity from the Debtors as to what amounts are owing ... for priority amounts to CRA for employee source deductions and HST' - amount unknown/unstated, not zero. · page: 65 · debtor: 12870428 Canada Inc., 15223873 Canada Inc., 15224705 Canada Inc., 15224721 Canada Inc. (all Debtors) · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Floor figure stated in Wood Affidavit: 'the amounts owed to RBC by the Debtors exceed $1.5 million' (word 'exceed' indicates floor); aggregates the per-debtor demand amounts itemized separately above plus post-demand interest/costs. · page: 65 · as of: 2025-08-26 · amount: 1500000 · debtor: 12870428 Canada Inc., 15223873 Canada Inc., 15224705 Canada Inc., 15224721 Canada Inc. (all Debtors, combined) · creditor: Royal Bank of Canada · currency: CAD · security: GSAs and chattel mortgages, PPSA registered (Inventory, Equipment, Accounts, Other, Motor Vehicle); RBC confirmed sole registered secured creditor against each Debtor per PPSA searches current to August 18, 2025