# In the matter of Everest Grow More Finance Pvt. Ltd. IB-804-PB-2019

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02899. The case pertains to an application under Section 7 of the IBC Code, 2016. The order was…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02899
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/everest-grow-more-finance-pvt-ltd-ib-804-pb-2019-09394d3e

## Summary

### Background

The case pertains to an application under Section 7 of the IBC Code, 2016. The order was delivered on May 4, 2022, during a virtual hearing. The matter involves M/s. Ferm Healthcare Pvt. Ltd. as the petitioner and M/s. Everest Grow More Finance Pvt. Ltd. as the respondent.

## Facts

M/s. Ferm Healthcare Pvt. Ltd. filed a petition against M/s. Everest Grow More Finance Pvt. Ltd. under Section 7 of the IBC Code, 2016. The court heard submissions from the Proxy Counsel for the Financial Creditor and directed the Counsel for the Financial Creditor to appear on the next hearing date and provide the Tribunal with the complete background of the matter. The Counsel for the Financial Creditor was also directed to inform the Counsel for the Corporate Debtor and the Corporate Debtor to appear on the next hearing date. The Court Officer was instructed to serve e-notice on the Financial Creditor and the Corporate Debtor. The matter was listed for the next hearing on May 20, 2022, with a warning that the matter would be dismissed if they failed to appear. The

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## Issues and analysis

### Issue 1: Whether the Counsel for the Financial Creditor should be directed to appear on the next hearing …

**Ratio:** The court has the power to direct parties to appear and provide necessary information for

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**Reasoning:** The court reasoned that it is necessary for the Counsel for the Financial Creditor to

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**Interpretation:** This reflects the court's inherent power to manage proceedings and ensure all

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**Application:** The court applied this principle by directing the Counsel for the Financial

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** M/s. Ferm…
- **Respondents:** M/s. Everest Grow…

## Timeline

- **2022-05-04 — Order Del…**: Order delivered on…
- **2022-05-20 — Next Hearin…**: Matter listed on 20.05.2022 with a warning that the matter will be dismissed if parties…

## 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)

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