Ontario · Receivership (court-appointed)
Notice of Application
Application / notice of application · 29 June 2023
What we verified from this filing4 verified
- secured creditorsnote: Senior secured creditor. Term Loan principal was $2.8 million; outstanding indebtedness as of March 1, 2025 is $2,964,777.84 plus accruing interest, legal fees, and enforcement expenses. Obligations personally guaranteed by sole director/officer Kamal Patel (personal guarantee, individual - not a company). · page: 4 · as of: 2025-03-01 · amount: 2964777.84 · debtor: 2338486 Ontario Limited · creditor: ICICI Bank Canada · currency: CAD · security: First-ranking mortgage on Erb Properties (principal $2.8 million, registered Aug 4, 2023, Instrument No. WR1517871); general security agreement (GSA) dated June 29, 2023 (first-ranking security interest on all personal property/assets); general assignment of rents and leases (Instrument No. WR1517872)
- secured creditorsnote: Amount stated is the registered charge/mortgage amount, not a confirmed outstanding balance. Security alleged to have been granted without Bank's knowledge or consent, in breach of Commitment Letter covenant against additional security. Bank asserts CORFinancial's interest is subordinate to the Bank's. CORFinancial issued a Notice of Sale (dated March 19, 2025) to enforce; Bank disputes/does not consent to this enforcement. · page: 6 · amount: 500000 · debtor: 2338486 Ontario Limited · creditor: CORFinancial Corp. · currency: CAD · security: Alleged charge/mortgage of $500,000 registered against Erb Properties; also registered a security interest under the PPSA (Ontario)
- secured creditorsnote: Lien registered March 17, 2025 for unpaid architectural services; amount not stated in document. · page: 7 · as of: 2025-03-17 · debtor: 2338486 Ontario Limited · creditor: Masri O Inc. · currency: CAD · security: Construction/architectural lien registered against Erb Properties
- counselThornton Grout Finnigan LLP