NCLT Allows Tiffany Finance Impleadment in Sancheti Buildtech Insolvency

Case Details

Case Name: M/s Tiffany Finance Pvt. Ltd. vs Sancheti Buildtech Pvt. Ltd.

Court/Authority: National Company Law Tribunal, Jaipur Bench

Case Number: CP No. (IB)-01/7/JPR/2023 under Section 7 of IBC, 2016

Date of Order: May 20, 2026

Presiding Members: Hon'ble Ms. Reeta Kohli (Judicial Member), Hon'ble Ms. Kavita Bhatnagar (Technical Member)

Parties Involved

Petitioner/Financial Creditor: M/s Tiffany Finance Pvt. Ltd.

Respondent/Corporate Debtor: Sancheti Buildtech Pvt. Ltd.

Representation:

• For Applicant: Lipi Garg, Adv.; Archit Bohra, Adv.; Ashish Sharma, Adv.; Naresh Kumar Sejvani, Adv.
• For Respondent: R.C. Lodha (in person); Sidharth Bapna, Adv. (R-2); Karan Pratap Singh, Adv. (R-5); Nishant Sarraf, Adv.; Mahak Jain, Adv.

Issues / Allegations / Violations

This proceeding involves multiple Interlocutory Applications (IAs) within a corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The specific applications relate to procedural matters including impleadment requests and filing of replies.

Findings & Observations

The Tribunal made specific observations regarding IA No. 182/JPR/2026 and IA No. 183/JPR/2026, noting that Schedule (2) Clause 10 of the approved resolution plan states that "the Financial Creditor will continue to exercise right to recover amount of PUFE transactions (if any) reported by the RP." Based on this clause, the Tribunal found it appropriate to allow the impleadment applications.

Penalties / Settlements / Directions

• IA No. 182/JPR/2026: Allowed. Substitution of applicant to be carried out within 10 days with necessary amendments to main application and amended Memo of Parties.
• IA No. 183/JPR/2026: Allowed. Substitution of applicant to be carried out within 10 days with necessary amendments to main application and amended Memo of Parties.
• IA No. 477/JPR/2025: Respondents granted time to file reply. Posted to 23.06.2026.
• IA (IBC) No. 46/JPR/2025: To be taken up on 23.06.2026.
• Con. A (IBC) 5/425/JPR/2026: Respondents granted 10 days to file reply. Posted for arguments on 23.06.2026.
• IA No. 205/JPR/2026: To be taken up with IA No. 477/JPR/2026 on 23.06.2026.
• IA No. 210/JPR/2026: RP granted 2 weeks to file reply. Posted to 23.06.2026.

Final Ruling & Enforcement

The order allows the impleadment of Financial Creditor Tiffany Finance Pvt. Ltd. in two specific applications (IA No. 46/JPR/2025 and IA No. 477/JPR/2025) to exercise rights to recover PUFE transaction amounts as per the resolution plan. All pending applications are adjourned to June 23, 2026 for further proceedings, replies, and arguments.