Ontario · Receivership (court-appointed)
Application Record of the Applicant dated March 20, 2026
Application / notice of application · 20 March 2026
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- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-26-00000686-0000
- provinceONTARIO
- commencement date20 March 2026
- secured creditorsnote: Guaranteed by 752 Ontario and 272 Ontario (each Guarantee and Postponement of Claim dated June 20, 2025, limited to $2,340,000, supported by their respective GSAs) and by personal guarantors Rohit Sharma and Rohini Sharma (Guarantee dated June 20, 2025, limited to $2,340,000) - personal guarantees exist, individuals act as guarantors, not primary debtors. A demand letter dated February 11, 2026 addressed to 338 Ontario separately recorded its own debt at $2,380,204.11 as at February 9, 2026 (differs from the March 5, 2026 figure due to different balance date). · page: 13 · as of: 2026-03-05 · amount: 2379789.65 · debtor: 1000060338 Ontario Inc. ("338 Ontario") · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated October 6, 2023; first-position Charge/Mortgage of Land in the principal sum of $2,340,000.00 (registration ceiling, not balance) registered as instrument HR2112771 on June 25, 2025 over the Real Property, governed by Standard Charge Terms No. 20015; Assignment of Rents registered as instrument HR2112773 on June 25, 2025. Credit Agreement dated June 17, 2025 established Facility #1 Non-Revolving Term (limit $1,411,000, not shown as outstanding as of March 5, 2026) and Facility #2 Non-Revolving Term (limit $2,340,000), on which $2,379,789.65 was owing as of March 5, 2026.
- secured creditorsnote: Guaranteed by 752 Ontario (Guarantee dated Oct 6, 2023, limited to $550,000, supported by 752 Ontario GSA), by 338 Ontario (Guarantee dated Oct 6, 2023, limited to $550,000, supported by 338 Ontario GSA, Mortgage, and Assignment of Rents), and by personal guarantors Rohit Sharma and Rohini Sharma (limited to $550,000) - personal guarantees exist. A demand letter dated February 11, 2026 addressed to 272 Ontario recorded its own debt at $513,318.19 as at February 9, 2026 (itemized: Revolving Credit Line $100,208.15, Term Loan $388,272.86, Visa $24,837.18), differing slightly from the March 5, 2026 figure due to different balance date. Default noted for arrears owing to supplier McKesson Canada Corporation and $24,425.47 Visa arrears (Visa facility terminated). · page: 14 · as of: 2026-03-05 · amount: 508244.84 · debtor: 1000582272 Ontario Inc. ("272 Ontario") · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated October 6, 2023. Credit Agreement dated August 15, 2023 (amended June 17, 2025 and November 10, 2025) established Revolving Demand Facility (limit $100,000; balance $100,103.77), Non-Revolving Term Facility (limit $400,000; balance $383,715.60), and Credit Card Facility (limit $20,000; balance $24,425.47), each balance as of March 5, 2026, summing to the stated total.
- secured creditorsnote: Guaranteed by 272 Ontario (Guarantee dated Oct 6, 2023, limited to $970,000, supported by 272 Ontario GSA), by 338 Ontario (Guarantee dated Oct 6, 2023, limited to $970,000, supported by 338 Ontario GSA, Mortgage, and Assignment of Rents), and by personal guarantors Rohit Sharma and Rohini Sharma (limited to $970,000) - personal guarantees exist. A demand letter dated February 11, 2026 addressed to 752 Ontario recorded its own debt at $121,172.67 as at February 9, 2026 (itemized: Revolving Credit Line $100,887.85, Visa $20,284.82), differing from the March 5, 2026 figure of $135,968.25; the Affidavit's listed facility balances ($101,249.12 + $20,030.87 = $121,279.99) do not reconcile to the stated total of $135,968.25 as of March 5, 2026, as reported in the document. Ceasing operations was cited as a default constituting material adverse change, along with unauthorized overdraft activity. · page: 15 · as of: 2026-03-05 · amount: 135968.25 · debtor: 1937752 Ontario Limited ("752 Ontario") · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated October 6, 2023; Security Agreement (Chattel Mortgage) dated October 6, 2023, constituting a first-ranking specific interest in equipment. Credit Agreement dated June 17, 2025 established Revolving Demand Facility (limit $100,258.23; balance $101,249.12 as of March 5, 2026) and Credit Card Facility (limit $20,000; balance $20,030.87 as of March 5, 2026); the Notice of Application also lists two Non-Revolving Term Facility limits ($291,668 and $458,333) not shown as outstanding in the Affidavit's facility breakdown.
- unsecured creditorsnote: Amount of arrears not stated in the document; McKesson Canada Corporation also appears on the service list. · page: 18 · basis: Named in the Defaults particulars as a trade supplier to whom 272 Ontario owes arrears · debtor: 1000582272 Ontario Inc. ("272 Ontario") · creditor: McKesson Canada Corporation · currency: CAD