Ontario · Receivership (court-appointed)
Application Record of Royal Bank of Canada dated September 30, 2024 - Part 4
Application / notice of application · 30 September 2024
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 filing8 verified
- applicantRoyal Bank of Canada
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00003737-0000
- provinceONTARIO
- commencement date24 September 2024
- secured creditorsnote: Notice of Intention to Enforce Security dated Feb 27, 2024 states total secured of $1,007,466.29 includes $453,008.49 as primary debtor (Term Loan facility 07512 71506696 001, original amount $500,000.00) and does not include USD$18.29 owed as guarantor of Suhanna Freight Services Inc.'s debts. · page: 42 · as of: 2024-02-26 · amount: 1007466.29 · debtor: 2815872 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated February 6, 2023 over all personal property of 2815872 Ontario Inc.; also registered under Ontario PPSA (Reg. No. 20221212 0854 1532 8490), blanket registration (consumer goods/inventory/equipment/accounts/other all checked)
- secured creditorsnote: Notice of Intention to Enforce Security dated Feb 27, 2024 (original p.51) states total secured of $1,007,466.29, including $554,457.80 as guarantor of Suhanna Freight Services Inc.'s debts (this GSA also secures the guarantee of 2815872 Ontario Inc.'s $453,008.49 Term Loan). A separate NOI relating to the same GSA (original p.48) states the total secured as only $554,457.80 with no breakdown - an inconsistency in the stated total for this entity's security. · page: 51 · as of: 2024-02-26 · amount: 1007466.29 · debtor: 2826466 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated February 6, 2023 over all personal property of 2826466 Ontario Inc.
- secured creditorsnote: Two Notices of Intention to Enforce Security (s.244 BIA), both dated Feb 27, 2024, state the same total secured by this GSA but with different breakdowns: one (original p.61) states the total includes $453,008.49 as guarantor of 2815872 Ontario Inc.'s Term Loan debts and does not include USD$18.29; the other (original p.64) states the total includes $554,457.80 as primary debtor (Operating Loan $510,923.80 + six Visa card balances + CDN overdraft $825.00, excluding US$18.24 overdraft). Personal guarantees dated Feb 6, 2023 also given by Randeep Mann, Vibhu Annaswamy, Onkar Bagga and Surinder Ghumman (individuals - not separate secured creditors). These guarantors dispute their guarantees as void ab initio in a separate action (CV-24-00001325-0000), pleading in the alternative liability for 'full indebtedness to RBC' of $1,235,842.37 (original p.97). · page: 61 · as of: 2024-02-26 · amount: 1007466.29 · debtor: Suhanna Freight Services Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated February 6, 2023 over all personal property (inventory, equipment, machinery, fixtures, book debts, contractual rights, monies, chattel paper, IP, goodwill) of Suhanna Freight Services Inc.