Ontario · Receivership (court-appointed)
First Report of the Receiver dated November 18, 2025
Court officer report · 18 November 2025
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What we verified from this filing4 verified
- secured creditorsnote: Loan amount per Commitment letter; senior secured lender. Personal guarantee provided by Shekhar Dalal, principal/guarantor of the Debtor. Legal opinion from Fasken confirms validity/enforceability of this security. · page: 7 · as of: advanced under Commitment letter dated June 2, 2022, as amended · amount: 5076402 · debtor: The Blue Meadows Inc. · creditor: Ducimus Capital Inc. · currency: CAD · security: First-ranking mortgage over Arthur Property (registered July 5, 2022, principal $5,076,402); first-ranking mortgage over Louisa Property (registered July 5, 2024, principal $5,076,402); general security agreement; general assignment of material contracts; assignment of insurance; guarantee and postponement of claim from Shekhar Dalal (principal, personal guarantor)
- secured creditorsnote: Subordinated to Ducimus Mortgages and all Security pursuant to Postponement, Subordination and Standstill Agreement dated June 27, 2022, and clarified by Amendment dated April 22, 2025 to confirm subordination to Louisa Mortgage as well. Registered amounts are original principal/renewal increase, not necessarily current outstanding balance (amount left null as balance not stated). Fasken's legal opinion on this security is still pending. · page: 8 · debtor: The Blue Meadows Inc. · creditor: Parmjit Aulakh (Second Mortgagee) · currency: CAD · security: Second Mortgage registered June 18, 2021 on Arthur Property in the amount of $1,700,000; Second Mortgage Renewal registered June 29, 2023 increasing principal by $152,500 and recording renewal; charge also registered against Louisa Property
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2025-10-31 · kind: cumulative · quote: For professional services rendered up for the period from the commencement of the receivership proceedings to October 31, 2025 by KSV Restructuring Inc. · approval: state: unstated · averages: rate: 529.92 · quote: The average hourly rate for the Receiver and Fasken for the referenced billing period was $529.92 and $850.56, respectively. · scope: the Receiver · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. (' KSV ') was appointed receiver (in such capacity, the ' Receiver ') · context quote: For professional services rendered up for the period from the commencement of the receivership proceedings to October 31, 2025 by KSV Restructuring Inc.; form: time_summary · rows: · money: approximate: false · period: end: 2025-11-16 · kind: invoice · label: Period · quote: services rendered to the Receiver for the period from February 19, 2025 to November 16, 2025 (the 'Period' ). · start: 2025-02-19 · approval: state: unstated · averages: rate: 850.56 · quote: during the Period, Fasken incurred total hours of 118.7 at an average hourly rate of $850.56. · scope: Fasken · currency: · invoices: · firm text: Fasken · firm quote: the average hourly rate for the Receiver and Fasken for the referenced billing period was $529.92 and $850.56, respectively. · hours total: quote: during the Period, Fasken incurred total hours of 118.7 at an average hourly rate of $850.56. · value: 118.7 · context quote: services rendered to the Receiver for the period from February 19, 2025 to November 16, 2025 (the 'Period' ).
- recovery outcomeentries: basis: estimated · quote: The Second Mortgagee will not be repaid in full from the net sale proceeds, and it is not expected that there will be sufficient funds, from the sale proceeds or otherwise, to make any distributions to the other creditors of the Debtor. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Second Mortgagee · creditor name: Second Mortgagee · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Second Mortgagee will not be repaid in full from the net sale proceeds, and it is not expected that there will be sufficient funds, from the sale proceeds or otherwise, to make any distributions to the other creditors of the Debtor. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: other creditors of the Debtor · interim final: unstated · claims qualifier: unstated · table missing: