Alberta · Receivership (court-appointed)
Bench Brief
Application / notice of application · 29 June 2026
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 filing7 verified
- courtCOURT OF KING'S BENCH OF ALBERTA
- court file no2601-05667
- applicantBANK OF MONTREAL
- appointeeMNP Ltd.
- appointee rolereceiver and manager
- secured creditorsnote: Personal guarantees given by Satjay Sharma and Komalpreet Sharma (directors/individual guarantors), guaranteeing up to the full loan amount of $825,000; guarantee terms and enforceability disputed by guarantors. Debtors' Statement of Defence (filed June 11, 2026) does not admit the indebtedness figure and disputes the amount of $832,359.48 stated as owing as at February 24, 2026 in the demand letter (which references an interest rate of 7.18% per annum), putting the Bank to strict proof of calculation, payments credited, and validity of the demand; the $858,535.39 figure as of June 1, 2026 is the amount pleaded/relied on by the Bank in its receivership application and remains contested. · page: 3 · as of: 2026-06-01 · amount: 858535.39 · debtor: 1479644 B.C. Ltd. · creditor: Bank of Montreal · currency: CAD · security: First-ranking mortgage dated January 18, 2024 charging the Land; General Security Agreement dated June 18, 2024 (fixed/specific security interest in personal property plus floating charge over real, immovable and leasehold property, assets and undertakings); Security Agreement dated June 18, 2024 (fixed/specific security interest in personal property, inventory, intangibles, chattel paper, securities, documents of title, instruments, money, and floating charge over all real and personal property). Original loan principal advanced: $825,000 (May 2024).
- commencement date29 June 2026