Ontario · Receivership (court-appointed)
Application Record of Royal Bank of Canada dated May 3, 2024
Application / notice of application · 3 May 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 · 1 withheld
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00001690-0000
- commencement date30 April 2024
- secured creditorsnote: Exact dated balance per demand letter and Notice of Intention to Enforce Security dated March 20, 2024: $1,897,830.02, comprised of Demand Loan $1,630,709.74 (principal $1,622,689.66 + interest $8,020.08), Visa $254,227.38, Lease #201000075844 $12,892.90. Prose approximation elsewhere in the Notice of Application and Affidavit of Manoj Davé states indebtedness 'as of April 11, 2024' at $1,916,170.61 plus accruing interest and enforcement costs - this is a later, rounder figure and is noted here rather than used as the amount. Personal guarantee from Arsalan Minhas exists (role: sole director/guarantor of the Debtor), limited to $950,000; individual not listed as a separate secured creditor per treatment of guarantors as persons, not companies. · page: 249 · as of: 2024-03-20 · amount: 1897830.02 · debtor: A.A.M Logistics Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated August 2, 2023 (all-property/blanket security over inventory, equipment, accounts, intangibles, etc.); Master Lease Agreement dated August 16, 2023 with leasing schedule #201000075844 (2013 Utility Dryvan Triaxle); Guarantee and Postponement of Claim dated August 2, 2023 from Arsalan Minhas (sole director/guarantor), limited to $950,000 (personal guarantee - not a separate corporate secured creditor). Facility limits under Letter Agreement dated August 1, 2023 (not balances): Facility #1 Revolving Demand $1,600,000; Facility #2 Revolving Term $2,000,000; Facility #3 Revolving Lease Line $2,000,000 (aggregate of Facility #2 and #3 not to exceed $2,000,000 at any time); Other Facility - Credit Card up to $200,000 (CAD/USD).
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.