In the matter of Intercon Container Survey and Commodities Private Limited Cp (Ib) 1153-MB-2017
Case brief
What is this about?
The NCLT admitted a section 7 insolvency petition against Intercon Container Survey & Commodities Private Limited filed by Bell Finvest (India) Limited. The court held that pending arbitration does not bar section 7 proceedings and admitted the petition upon establishing debt and default, initiating CIRP.
What did the court decide?
Admission of corporate insolvency resolution process petition and initiation of CIRP against the respondent with appointment of IRP and imposition of moratorium.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-I
CP (IB) 1153/MB/2017
Under section 7 of the Insolvency and Bankruptcy Code, 2016
In the matter of
Bell Finvest (India) Limited [CIN: U32200MH1994PLC080907]
1107, Makers Chambers V, Nariman Point, Mumbai-
400021
… Financial Creditor /Petitioner
Versus
Intercon Container Survey & Commodities Private Limited [CIN: U63000MH2008PTC181279]
Office No. 706, Vashi Infotech Park, Plot No. 16, Sector 30A, Vashi Station, Navi Mumbai, Maharashtra- 400705
… CorporateDebtor/Respondent
Issues for consideration
2 issues framed by the court
Whether an existing arbitration dispute bars the admission of a corporate insolvency resolution process petition filed under section 7 of the IBC.
Whether the debt and default mentioned in the petition are established to the extent required for initiating CIRP.
Parties & counsel
- petitioner
Bell Finvest (India) Limited
- respondent
Intercon Container Survey & Commodities Private Limited
Coram
P. N. Deshmukh
Case details
As recorded by the court registry
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