Ontario · Receivership (court-appointed)
Application Record Returnable March 24, 2025.pdf
Application / notice of application · 13 March 2025
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 filing6 verified
- applicantROYAL BANK OF CANADA
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00738979-00CL
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- commencement date12 March 2025
- secured creditorsnote: Demand Letter dated November 29, 2024 and BIA Notice under s.244(1) BIA state total of $1,693,466.72 owing as of November 26, 2024, exclusive of legal fees, disbursements and accruing interest (Indebtedness continues to accrue). RBC stated to be first-ranking secured creditor over Real Property and only party with registered PPSA security interest. Personal guarantees from directors Hamida Patel and Samir Shaikh (Joint and Several Limited Guarantee dated March 2, 2023, limited to $1,735,110) exist as additional security; guarantors are individuals (not companies) and their claims are postponed/assigned to RBC per Form 918 postponements. · page: 10 · as of: 2024-11-26 · amount: 1693466.72 · debtor: 2801515 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Collateral charge/mortgage registered September 17, 2021 (registered amount $1,416,000); General Security Agreement dated March 2, 2023 (all present and after-acquired personal property, first-ranking PPSA registration); Security agreement (chattel mortgage) dated October 8, 2022 over specific equipment/inventory and consumer goods (PPSA registered)