Alberta · Receivership (court-appointed)
Affidavit of Deepak Alappatt sworn November 3, 2025
Affidavit · 3 November 2025
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What we verified from this filing2 verified
- secured creditorsnote: Total 'Indebtedness' outstanding under Credit Facility (principal + accrued interest as at Oct 17, 2025), exclusive of ongoing interest, fees, costs and expenses. IEH is guarantor and also holds 78.6% of IRRC shares (related party/parent guarantor providing GSA and share pledge). Credit Facility limit is $49,500,000 plus uncommitted accordion of $4,500,000 (facility limits, not balances). Raptor Enterprises Inc. provided a limited recourse guarantee and share pledge (Dec 22, 2022) as further security to Cortland, with its security interest in IEH assets subordinated/postponed to Cortland's security per Subordination and Postponement Agreement dated Dec 22, 2022 (Raptor is a security-granting third party, not a creditor of the Debtors). Independent Group of Companies Inc. (IGC) had granted an unlimited guarantee and GSA (Aug 4, 2022) as additional security, but this security was released in full pursuant to a Consent and Partial Release of Security Agreement dated Dec 22, 2022 (DISCHARGED security). · page: 5 · as of: 2025-10-17 · amount: 68353231.21 · debtor: Independent Renewable Resources Corp. (Borrower); Independent Energy Holdings Inc. (Guarantor) · creditor: Cortland Credit Lending Corporation · currency: CAD · security: IRRC GSA (Feb 16, 2022) - all present/after-acquired personal property of IRRC, perfected AB PPR #22021407858 and SK PPR #302258535; IRRC collateral mortgage dated Feb 16, 2022 as amended, registered principal amount $280,000,000.00, charging IRRC Land (Surface Parcel #149547055), perfected SK Land Titles interest #193210028; IRRC Share Pledge; Environmental Indemnity; Assignment of Material Projects; Assignment of Insurance; IEH unlimited Guarantee (Feb 16, 2022); IEH GSA (Feb 16, 2022) - all present/after-acquired personal property of IEH, perfected AB PPR #22021407883 and SK PPR #302456538/#302456550; IEH Share Pledge (first security interest in IRRC shares held by IEH)
- secured creditorsnote: Total outstanding property taxes payable per Property Tax Search dated September 29, 2025. · page: 9 · as of: 2025-09-29 · amount: 167197.73 · debtor: Independent Renewable Resources Corp. · creditor: Rural Municipality of Bone Creek No. 108 · currency: CAD · security: Statutory municipal property tax lien over the IRRC Land