Ontario · Receivership (court-appointed)
Application Record dated September 15, 2025 (Part 1 of 3)
Application / notice of application · 15 September 2025
What we verified from this filing6 verified
- secured creditorsnote: Amount shown is original principal advance, not a stated current balance. Subordinated and postponed to RBC's obligations pursuant to Vendor Subordination Agreement dated August 3, 2023. · page: 17 · as of: 2023-08-03 · debtor: Jade Equipment Co. Ltd. · creditor: 1243239 Alberta Ltd. (Landlord) · currency: CAD · security: Vendor-takeback promissory note (VTB Note) dated August 3, 2023, original principal amount $500,000
- secured creditorsnote: Aggregate outstanding amount per Consolidated Debt Summary; RBC does not have full information regarding Trenchless' debt obligations/security. · page: 23 · as of: 2025-05-31 · amount: 12354450 · debtor: Trenchless Utility Equipment Inc. · creditor: PPSA equipment financiers (PMSI class) - floorplan lenders (Mitsubishi Capital, Meridian OneCap, Huntington Finance, Wells Fargo, among others) · currency: CAD · security: Floorplan facilities secured by inventory on hand
- secured creditorsnote: Per Consolidated Debt Summary provided by Elvaan Group's CFO; RBC does not have full information regarding this debt/security. · page: 31 · as of: 2025-05-31 · amount: 1600000 · debtor: Trenchless Utility Equipment Inc. · creditor: Toronto-Dominion Bank · currency: CAD · security: All-PAAP registration under Ontario PPSA
- secured creditorsnote: Per Consolidated Debt Summary provided by Elvaan Group's CFO; RBC does not have full information regarding this debt/security. · page: 31 · as of: 2025-05-31 · amount: 4434877 · debtor: Trenchless Utility Equipment Inc. · creditor: BDC Capital Inc. · currency: CAD · security: All-PAAP registration under Ontario PPSA
- secured creditorsnote: Aggregate equals Jade Indebtedness guaranteed by EGI (parent holding company of Jade and Trenchless - related party guarantee); amount is within the stated $7,200,000 guarantee cap. · page: 32 · as of: 2025-09-12 · amount: 5967999.62 · debtor: Elvaan Group Inc. · creditor: Royal Bank of Canada · currency: CAD · security: EGI GSA dated August 3, 2023 - first-ranking security interest in all present and after-acquired personal property of EGI; EGI Secured Guarantee dated August 3, 2023 (guarantee limit $7,200,000)
- secured creditorsnote: Stated aggregate = Jade Indebtedness (Revolving Facility $1,002,771.23 + Term Facility $4,849,761.96 + Jade VISA Facility $115,466.43, all as of Sept 4, 2025) plus Trenchless Indebtedness limited to $100,000 per Jade Secured Guarantee (Trenchless itself has not granted RBC security directly - see para 94). Personal guarantees of Jade's obligations also given by Suman Mukherjee and Suvomita Das (individuals), capped at $1,000,000. · page: 32 · as of: 2025-09-12 · amount: 6067999.62 · debtor: Jade Equipment Co. Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Jade GSA (Sept 23, 2024), Pre-Jade GSA (Aug 3, 2023) and 251 GSA (Aug 3, 2023) - first-ranking security interests in all present and after-acquired personal property; Jade Secured Guarantee dated October 9, 2023 of Trenchless obligations (capped at $100,000), supported by the Jade GSA