# In the matter of Everest Infra Energy Ltd. I.A. No. 83-2020 in CP (IB) No. 31-GB-2019

> NCLT judgment dated 2019-11-20. Citation: TCN-2019-NCLT-00540. The case involves an application (I.A.No.83/2019) filed in CP (IB) No.31/GB/2019 under Section…

- **Court:** NCLT
- **Order date:** 20 Nov 2019
- **Citation:** TCN-2019-NCLT-00540
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/everest-infra-energy-ltd-ia-no-83-2020-in-cp-ib-no-31-gb-2019-2d26fc30

## Summary

### Background

The case involves an application (I.A.No.83/2019) filed in CP (IB) No.31/GB/2019 under Section 7 of the Insolvency & Bankruptcy Code, 2016. The applicant, Bazigar Trading Pvt. Ltd., is the Financial Creditor, and the respondent, Everest Infra Energy Ltd., is the Corporate Debtor. The application seeks to set aside the final order dated 08.11.2019, which admitted the main Company Petition No.31/GB/2019 filed by the Financial Creditor and appointed Mr. Jay Prakash Gupta as Interim Resolution Professional.

## Facts

Bazigar Trading Pvt. Ltd. (Financial Creditor) filed a company petition (CP (IB) No.31/GB/2019) against Everest Infra Energy Ltd. (Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petition was admitted on 08.11.2019, and Mr. Jay Prakash Gupta was appointed as the Interim Resolution Professional. Subsequently, the parties reached a settlement, with the Financial Creditor receiving the settlement amount through postdated checks. Bazigar Trading Pvt. Ltd. then filed I.A.83/2019 to set aside the admission order. The key fact is the settlement between the parties, which led to the application to reverse the initial order admitting the insolvency petition.

## Issues and analysis

### Issue 1: Whether the court should set aside the final order dated 08.11.2019 admitting C.P.(IB) 31(GB)/2019 …

**Ratio:** A court can set aside its previous order if the parties involved have reached a

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**Reasoning:** The court reasoned that since the parties had settled the matter, and the Financial

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**Interpretation:** This legal issue involves the interpretation of the court's power to review and

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Hari Venkata…
- **Appellants:** Bazigar Trading…
- **Respondents:** Everest Infra…

## Timeline

- **2019-11-08 — Final Or…**: Final order admitting Company…
- **2019-11-20 — Order Da…**: The court allowed I.A.83/2019, setting…

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