# In the matter of Intercon Container Survey and Commodities Private Limited CP (IB) 1153-MB-2017

> NCLT judgment dated 2022-09-15. Citation: TCN-2022-NCLT-01063. The case pertains to a petition filed by Bell Finvest (India) Limited, the Financial Creditor,…

- **Court:** NCLT
- **Order date:** 15 Sept 2022
- **Citation:** TCN-2022-NCLT-01063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/intercon-container-survey-and-commodities-private-limited-cp-ib-1153-mb-2017-13702a3a

## Summary

### Background

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.

## Facts

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

…

## Issues and analysis

### Issue 1: Whether the existence of a pre-existing dispute in arbitration bars the proceedings under Section 7 …

**Ratio:** A pre-existing dispute in arbitration does not bar proceedings under Section 7 of the

…

**Reasoning:** The NCLT observed that it is well established that a pre-existing dispute in arbitration

…

**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP if a default

…

**Application:** In this case, the Corporate Debtor argued that a dispute was pending before an

…

## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Bell Finvest…
- **Respondents:** Intercon Container…

## Timeline

- **2008-04-17 — Incorporation of…**: Intercon Container Survey & Commodities…
- **2016-03-19 — Loan San…**: Financial Creditor sanctioned a loan of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/intercon-container-survey-and-commodities-private-limited-cp-ib-1153-mb-2017-13702a3a