Ontario · Receivership (court-appointed)
Application Record of the Applicant dated July 3, 2024
Application / notice of application · 3 July 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 filing5 verified
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00086229-0000
- commencement date3 July 2024
- secured creditorsnote: Municipal property tax arrears (statutory lien/prior-ranking claim); Bank's Notice of Application identifies this as a potential prior-ranking claim over its mortgage and a default under the Letter Agreement. Amount per Certificate of the Treasurer (Certificate No. I14098) dated June 12, 2024, showing 'TOTAL OUTSTANDING' of $157,245.87 (tax arrears $118,369.39 plus current taxes/other charges/penalty). · page: 82 · as of: 2024-06-12 · amount: 157245.87 · debtor: Smart Super Mart Ltd. · creditor: City of St. Catharines · currency: CAD · security: Tax Arrears Certificate registered against title to the Real Property (179-185 St. Paul Street West, St. Catharines) on July 26, 2023, giving the City the ability to commence a tax sale of the property
- secured creditorsnote: Exact dated balance per demand letter/Notice of Intention to Enforce Security (both dated June 20, 2024, as at June 17, 2024), comprising: Term Loan (facility limit $1,769,033.64; $1,625,711.50 owing), Revolving Demand Facility (limit $75,000.00; $75,398.68 owing), Letter of Credit (limit $50,000.00; $50,000.00 owing), Credit Card/Visa Facility (limit $10,000.00; $11,751.39 owing), plus legal fees of $4,647.76 as of May 15, 2024. Notice of Application and Affidavit state a rounder prose figure of $1,762,861.57 as of June 17, 2024 (excludes the $4,647.76 legal fee component). Personal guarantees limited to $2,135,000.00 given by Ravinder Singh Chohan, Shaina Rathore, Satvinder Kaur Chahuan and Baljinder Chauhan (individuals, related to the Debtor as guarantors, not companies). · page: 145 · as of: 2024-06-17 · amount: 1767509.33 · debtor: Smart Super Mart Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated January 11, 2020 (all-property blanket security over personal property, perfected by PPSA registration); Charge/Mortgage of Land, registered principal sum $2,135,000.00, instrument no. NR547245 registered July 23, 2020, first charge over Real Property at 179-185 St. Paul Street West, St. Catharines, ON (PIN 46179-0340(LT)), governed by Standard Charge Terms 20015