Authority: National Company Law Appellate Tribunal Principal Bench, New Delhi

Order Date: 27 July 2026

Case Overview

This appeal (Comp. App. (AT) (Ins) No. 323 of 2026) has been filed by Mr. Rohsan Lal Sancheti, the Suspended Director of Sancheti Buildtech Pvt. Ltd., against an impugned order dated 16 December 2025 passed by the National Company Law Tribunal (NCLT), Jaipur Bench. The appeal challenges the NCLT's approval of a resolution plan for the corporate insolvency resolution process (CIRP) of Sancheti Buildtech Pvt. Ltd.

The principal allegation concerns a procedural violation in the CIRP. The appellant contends that the Resolution Professional (Mr. Rishabh Chand Lodha) and the Committee of Creditors violated Regulation 36B(1) of the IBBI (Insolvency and Bankruptcy Board of India) (CIRP) Regulations, 2016. The specific allegation is that the mandatory procedure for issuing the evaluation matrix was not followed. The regulation requires the Resolution Professional to issue the information memorandum, evaluation matrix, and request for resolution plans to every resolution applicant in the final list within five days from the date of the final list's issuance.

The appellant argues this was violated because, as per the 6th meeting of the CoC, the draft evaluation matrix was placed before the CoC, approved, and subsequently, the resolution plan was put to vote on the very same day. This process allegedly bypassed the stipulated 5-day period between the issuance of these documents and the voting on the plan.

Final Outcome

The NCLAT has admitted the appeal for hearing. Notices have been issued to Respondent No. 1 (the Resolution Professional) and Respondent No. 3 for their responses. The reply from Respondent No. 2 is already on record. Respondent No. 1 and 3 have been given four weeks to file their replies, and the appellant has two weeks thereafter to file a rejoinder, if any. The appeal has been listed for the next hearing on 14 September 2026. The tribunal has not made any interim observations on the merits of the case at this stage.

Topics: Corporate Insolvency, Regulatory Compliance, Legal Procedure