The case pertains to a petition filed by Bell Finvest (India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Intercon Container Survey & Commodities Private Limited, the Corporate Debtor. The Corporate Debtor is a private limited company incorporated on 17.04.2008. The Financial Creditor claims a default of Rs.48,62,500/- as of 10.09.2016 and Rs.58,55,500/- as of 20.06.2017, with the date of default being 30.04.2016. The Corporate Debtor, while not appearing before the bench, submitted a reply stating that a dispute is already pending before an arbitrator and that the Financial Creditor charged an exorbitant interest rate.
Bell Finvest (India) Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Intercon Container Survey & Commodities Private Limited (Corporate Debtor). The Corporate Debtor is a private limited company incorporated on 17.04.2008. The Financial Creditor sanctioned a loan of Rs.30,00,000/- to the Corporate Debtor on 19.03.2016. The total debt claimed was Rs.48,62,500/- overdue as on 10.09.2016 and Rs.58,55,500/- overdue as on 20.06.2017. The date of default was 30.04.2016. The Corporate Debtor executed a demand promissory note and ex-receipt for consideration. Deeds of Guarantee were executed by Mr. Vijay Relwani, Pooja Relwani, Mr. Rajendra
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The case pertains to a petition filed by Bell Finvest (India) Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Intercon Container Survey & Commodities Private Limited, the Corporate Debtor. The Corporate Debtor is a private limited company incorporated on 17.04.2008. The Financial Creditor claims a default of Rs.48,62,500/- as of 10.09.2016 and Rs.58,55,500/- as of 20.06.2017, with the date of default being 30.04.2016. The Corporate Debtor, while not appearing before the bench, submitted a reply stating that a dispute is already pending before an arbitrator and that the Financial Creditor charged an exorbitant interest rate.
Bell Finvest (India) Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Intercon Container Survey & Commodities Private Limited (Corporate Debtor). The Corporate Debtor is a private limited company incorporated on 17.04.2008. The Financial Creditor sanctioned a loan of Rs.30,00,000/- to the Corporate Debtor on 19.03.2016. The total debt claimed was Rs.48,62,500/- overdue as on 10.09.2016 and Rs.58,55,500/- overdue as on 20.06.2017. The date of default was 30.04.2016. The Corporate Debtor executed a demand promissory note and ex-receipt for consideration. Deeds of Guarantee were executed by Mr. Vijay Relwani, Pooja Relwani, Mr. Rajendra
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Financial Creditor…