Ontario · Receivership (court-appointed)
Application Record of the Applicant dated March 7, 2025.
Application / notice of application · 7 March 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 filing12 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00001168-0000
- 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 date3 March 2025
- secured creditorsnote: Named as 'PPSA Creditor' on the service list; distinct entity/address from 'Bank of Nova Scotia - DLAC' listed separately. · page: 7 · debtor: SK Global Traders Limited · creditor: The Bank of Nova Scotia · currency: CAD · security: PPSA registration; secured party address 10 Wright Boulevard, Stratford, ON - collateral/classification not detailed in the excerpted search results provided
- secured creditorsnote: No dollar balance owing to RBC is stated on the pages provided; all Credit Facilities except leasing facilities are repayable on demand; RBC delivered Demand Letters and a s.244(1) BIA Notice on January 14, 2025. Obligations also guaranteed jointly and severally in the principal amount of $2,272,000 (July 29, 2023 guarantee) by personal guarantors Rohit Narang (debtor's sole director - related party), Kulwant Singh, and Sarthak Kapila - individuals noted, not a corporate secured creditor. · page: 55 · debtor: SK Global Traders Limited · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated August 2, 2022 (registered under the PPSA as the 'General RBC Registration' against all collateral classifications other than consumer goods); secures obligations under the Primary Credit Agreement (dated August 2, 2022, amended and restated January 26, 2023 and July 28, 2023) and the Master Lease Agreement dated February 1, 2023
- secured creditorsnote: Aggregates Tricor Lease & Finance Corp, Ford Credit Canada Leasing (division of Canadian Road Leasing Company), Ryder Truck Rental Canada Ltd, and Toyota Industries Commercial Finance Canada, Inc., all named as 'PPSA Creditor' on the service list (original pp. 7-8). No amounts stated in the certified PPSA search excerpts provided (original pp. 164-165, 168, 175-176). · page: 164 · debtor: SK Global Traders Limited · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations against specific serialized equipment/vehicles, e.g., Ryder Truck Rental Canada Ltd (2020 International MV607 truck) and Toyota Industries Commercial Finance Canada, Inc. (material handling equipment, multiple registrations)
- secured creditorsnote: DISCHARGED - the registration was marked discharged in the original search result and further discharged per a change statement dated December 31, 2024 ("C DISCHARGE"); not a current secured claim. Continuation pages of this file also show 'Bank of Nova Scotia - DLAC' as secured party. · page: 171 · debtor: SK Global Traders Limited (substituted debtor; registration originally against Smart Truck Training Academy Ltd.) · creditor: Canadian Dealer Lease Services Inc. · currency: CAD · security: PPSA registration file no. 777568851, originally collateralized by a 2021 Land Rover Range Rover, amount recorded $177,614.84 (registered Oct. 25, 2021); later amended by change statement to substitute debtor to SK Global Traders Limited with amount $112,365.48 and maturity date April 8, 2025