Can a judge set aside or vacate a judgment, order or decree from which an appeal has been taken and order a new trial of the action?

Code of Civil Procedure section 914 declares, "When the right to a phonographic report has not been waived and when it shall be impossible to have a phonographic report of the trial transcribed by a stenographic reporter as provided by law or by rule, because of the death or disability of a reporter who participated as a stenographic reporter at the trial or because of the loss or destruction, in whole or in substantial part, of the notes of such reporter, the trial court or a judge thereof, or the reviewing court shall have power to set aside and vacate the judgment, order or decree from which an appeal has been taken or is to be taken and to order a new trial of the action or proceeding." We review a ruling under this statute for abuse of discretion. (Fickett v. Rauch (1947) 31 Cal.2d 110, 112.) But "[t]he discretion is not unlimited" (ibid.) and, in ruling on the motion, the court must consider the rights of both parties (id. at p. 115).