Ontario · Receivership (court-appointed)
Motion Record – Returnable January 7, 2025
Application / notice of application · 7 January 2025
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What we verified from this filing20 verified
- applicant2439656 ONTARIO INC. and MS CAPITAL CORP.
- commencement date7 January 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00002400-0000
- 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
- appointeeBDO Canada Limited
- appointee roleReceiver
- secured creditorsnote: Identified in Motion Record service list as 'Mortgagee and Secured Creditor of the Respondent'; not itemized among the six Subsequent Mortgages in Receiver's First Report; no amount stated in provided pages · page: 3 · debtor: Chacon Holding Corp. · creditor: Jatinderpal Aulakh · currency: CAD
- secured creditorsnote: Identified in Motion Record service list as 'Mortgagee and Secured Creditor of the Respondent'; not itemized among the six Subsequent Mortgages in Receiver's First Report; no amount stated in provided pages · page: 3 · debtor: Chacon Holding Corp. · creditor: Prakash Chandra, Tarlochan Singh & Jagwindersingh · currency: CAD
- secured creditorsnote: One of six 'Subsequent Mortgages' subordinate to National Bank and 243/MS mortgages; no legal opinion on validity/priority requested by Receiver · page: 18 · debtor: Chacon Holding Corp. · creditor: Paul Raja · currency: CAD · security: Mortgage registered against Real Property; registered principal amount $500,000 (not a stated outstanding balance)
- secured creditorsnote: One of six 'Subsequent Mortgages' subordinate to National Bank and 243/MS mortgages; no legal opinion on validity/priority requested by Receiver · page: 18 · debtor: Chacon Holding Corp. · creditor: Moudgill Financial Inc. · currency: CAD · security: Mortgage registered against Real Property; registered principal amount $460,000 (not a stated outstanding balance)
- secured creditorsnote: One of six 'Subsequent Mortgages' subordinate to National Bank and 243/MS mortgages; no legal opinion on validity/priority requested by Receiver · page: 18 · debtor: Chacon Holding Corp. · creditor: Manjinder Grewal, Manoj Khindra, Sandeep Kotra, Inderjit Singh, Sapinder Grewal and Moudgill Financial Inc. · currency: CAD · security: Mortgage registered against Real Property; registered principal amount $1,850,000 (not a stated outstanding balance)
- secured creditorsnote: One of six 'Subsequent Mortgages'; service list identifies party as 'Jaymar Kulip' rather than 'Kuldip Jaywar' (name variant in the record); no legal opinion on validity/priority requested by Receiver · page: 18 · debtor: Chacon Holding Corp. · creditor: Aarzoo Sharma, Kuldip Jaywar and Sapinder Grewal · currency: CAD · security: Mortgage registered against Real Property; registered principal amount $200,000 (not a stated outstanding balance)
- secured creditorsnote: One of six 'Subsequent Mortgages' subordinate to National Bank and 243/MS mortgages; no legal opinion on validity/priority requested by Receiver · page: 18 · debtor: Chacon Holding Corp. · creditor: Kavita Batta and Mahesh Kumar Sharma · currency: CAD · security: Mortgage registered against Real Property; registered principal amount $240,000 (not a stated outstanding balance)
- secured creditorsnote: One of six 'Subsequent Mortgages'; service list identifies party as 'Vikas Barula' rather than 'Vikas Narula' (name variant in the record); no legal opinion on validity/priority requested by Receiver · page: 18 · debtor: Chacon Holding Corp. · creditor: Moudgill Financial Inc., Vikas Narula and Vasant Becharbhai Patel · currency: CAD · security: Mortgage registered against Real Property; registered principal amount $180,000 (not a stated outstanding balance)
- secured creditorsnote: HST Arrears claim submitted by CRA; deemed trust / priority payable class, to be paid ahead of secured mortgagees per Receiver's proposed distribution · page: 23 · as of: 2024-11-20 · amount: 18688.99 · debtor: Chacon Holding Corp. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Property Tax Arrears per municipal property tax account statement dated October 1, 2024, plus accruing interest; treated as a Priority Payable ahead of secured mortgagees per Receiver's proposed distribution · page: 23 · as of: 2024-10-01 · amount: 85720.35 · debtor: Chacon Holding Corp. · creditor: Corporation of the City of Brampton · currency: CAD · security: Statutory lien for unpaid municipal property taxes on Real Property
- secured creditorsnote: Approximate figure per Receiver's First Report; collective per diem rate of $571.21; reflected in payout statement attached as Appendix IV (not included in provided pages); WeirFoulds security opinion on validity/enforceability pending at time of report · page: 24 · as of: 2024-09-14 · amount: 5945009.14 · debtor: Chacon Holding Corp. · creditor: National Bank of Canada · currency: CAD · security: First ranking mortgage against Real Property (25 Sun Pac Blvd, Brampton, Ontario)
- secured creditorsnote: Exact dated balance per payout statement of Sidhu Tannenbaum Shokar Law dated October 9, 2024 (Amount as Per Judgment $3,915,516.99 + accrued interest $453,127.22 + legal fees $28,613.64 + $5,897.73 + $1,695.00 + e-reg fee $83.11); per diem $1,716.39; statement valid only until Oct 15, 2024 5:00pm; earlier prose approximation of $4,155,811.73 as of June 6, 2024 given in First Report para 4; 243/MS are also the Applicants in this receivership proceeding; WeirFoulds security opinion pending at time of report · page: 84 · as of: 2024-10-10 · amount: 4404933.69 · debtor: Chacon Holding Corp. · creditor: 2439656 Ontario Inc. and MS Capital Corp. · currency: CAD · security: Second ranking mortgage against Real Property
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $64,151.25 prior to disbursements of $518.62 and applicable taxes · amount: 64151.25 · approximate: false · disbursements: quote: prior to disbursements of $518.62 and applicable taxes · amount: 518.62 · period: kind: invoice · quote: The Receiver's fees for the period April 19, 2024 to December 6, 2024 · approval: state: unstated · averages: rate: 529.08 · quote: an average hourly rate of approximately $529.08 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: BDO Canada Limited ('BDO'), in its capacity as the Court-appointed Receiver · hours total: quote: encompass 121.25 hours at an average hourly rate of approximately $529.08 · value: 121.25 · context quote: in its capacity as the Court-appointed Receiver (in such capacity, the 'Receiver'), without security, of all assets, undertakings and properties · firm unverified: true · context unverified: true; form: prose · rows: · money: fees: quote: for a total of $43,048.00 prior to disbursements of $168.75 and applicable taxes · amount: 43048 · approximate: false · disbursements: quote: prior to disbursements of $168.75 and applicable taxes · amount: 168.75 · period: end: 2024-11-30 · kind: invoice · quote: WeirFoulds fees for the period April 19, 2024 to November 30, 2024 · start: 2024-04-19 · approval: state: unstated · averages: rate: 629.36 · quote: an average hourly rate of approximately $629.36 · currency: · invoices: · firm text: WeirFoulds · firm quote: WeirFoulds fees for the period April 19, 2024 to November 30, 2024 · hours total: quote: encompass 68.4 hours at an average hourly rate of approximately $629.36 · value: 68.4 · context unverified: true