Ontario · Receivership (court-appointed)
Application Record dated April 28, 2025
Application / notice of application · 28 April 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- applicantBANK OF MONTREAL
- commencement date28 April 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00742000-00CL
- statutory basisSECTION 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
- secured creditorsnote: Total indebtedness of $10,555,140.14 also includes US$10,600.91 (multi-currency total, exact balances as at April 17, 2025 per demand letters). Comprised of: Cheema Revolving Facility $1,963,388.63; Cheema CAD Card Facility $94,124.96; Cheema USD Card Facility US$10,600.91; 465 Ontario Mortgage Facility $8,497,156.55 (facility maximums: $2,000,000 / $100,000 / US$50,000 / $9,200,000 respectively, not balances). Personal guarantees exist from Baseerat Mansoor, Faraz Elahi and Naila Ejaz (individuals; not appointed receivership targets); amounts exclusive of legal/adviser costs. Certain PPSA registrations against Cheema prior in time to BMO's registration exist but are limited to specific equipment/inventory/vehicles (see separate PMSI entry). · page: 12 · as of: 2025-04-17 · amount: 10555140.14 · debtor: Cheema Carriers Corp. and 1000083465 Ontario Inc. (joint and several) · creditor: Bank of Montreal · currency: CAD · security: First-ranking security interest in substantially all present and future personal property of both Debtors (Cheema GSA dated Jan 31, 2022; 465 Ontario GSA dated Jan 27, 2022), registered under Ontario PPSA; charge/mortgage registered Feb 1, 2022 against Real Property (860 Progress Court, Oakville, PIN 24848-0050) in registered amount of $10,050,000 (registration ceiling, not a balance) plus assignment of rents; insurance assignments from both Debtors; cross-guarantees: 465 Ontario and personal guarantors (Baseerat Mansoor, Faraz Elahi, Naila Ejaz) guarantee Cheema's Indebtedness up to $2,167,000 each; Cheema and the same personal guarantors guarantee 465 Ontario's Indebtedness up to $9,200,000 each
- secured creditorsnote: 28 total PPSA registrations against Cheema Carriers Corp., of which 11 are prior in time to the Applicant's (BMO's) registration; each such prior registration has a limiting collateral description describing specific equipment, inventory and/or motor vehicles (PMSI-type). Applicant's PPSA registrations are the only registrations against 465 Ontario. Individual PPSA equipment financiers named on service list include TFG Financial Corporation, Lbel Inc., CWB National Leasing Inc., Daimler Truck Financial Services Canada, Tesla Motors Canada ULC, PNC Vendor Finance Corporation Canada, Coast Capital Equipment Leasing Ltd., Honda Canada Finance Inc., Meridian Onecap Credit Corp., Mercedes-Benz Financial Services Canada, Bodkin (division of Bennington Financial Corp.), and Concentra Bank. · page: 15 · debtor: Cheema Carriers Corp. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized/specific equipment, inventory and/or motor vehicle collateral (limiting collateral descriptions) registered under Ontario PPSA