You're correct in your interpretation. Contextually, Paul is writing to the church at Corinth, most of whom had just recently been involved in the worship of Aphrodite. Their pagan religion involved temple prostitution, drunkenness and debauchery. At the time of the first epistle to Corinth, the church there is in major crisis, with infighting and some members slipping back into their pagan practices. Rich people were making a party out of the communion gathering, getting drunk and feasting in front of other believers who were too poor bring their own.(I Corinthians 11:19-22) Paul is telling them to be reverent about communion, and that it is a time to judge oneself. It was not about satisfying their bellies, but remembering together the body and blood of our Lord. He ends the chapter by basically telling them "No more parties, and I straighten the rest of this out personally when I get there." (vs 33-34)
Where does it say that in the bible?
Good question. Sola Scriptura
...is expressly forbidden in II Timothy.