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 appellant's primary contention, represented by Senior Advocate Mr. Gaurav Mitra, is that the NCLT failed to consider a violation of sub-regulation (1) of Regulation 36B of the IBBI (Insolvency and Bankruptcy Board of India) (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Specifically, the appellant alleges that the Resolution Professional, Mr. Rishabh Chand Lodha, violated the regulation by not obtaining prior approval of the evaluation matrix before putting the resolution plan to vote by the Committee of Creditors (CoC).

The appellant argues that Regulation 36B(1) mandates that the Resolution Professional must issue an information memorandum, evaluation matrix, and request for resolution plan to every resolution applicant in the final list within five days from the date of issuance of the final list. According to the appellant, the records of the 6th meeting of the CoC show that the draft evaluation matrix was placed before the CoC and approved on the same day that the resolution plan was put to vote, which constitutes a procedural violation.

Final Outcome

The NCLAT, comprising Justice Yogesh Khanna (The Officiating Chairperson) and Member (Technical) Ajai Das Mehrotra, has issued notice to Respondents No. 1 (Resolution Professional) and 3 for the next date of hearing. The reply of Respondent No. 2 is already on record. Respondents No. 1 and 3 are directed to file their replies within four weeks from 27 July 2026, with any rejoinder to be filed within two weeks thereafter. The appeal has been listed for further hearing on 14 September 2026. The tribunal has not made any determination on the merits of the appeal at this stage.

Topics: Insolvency Proceedings, Regulatory Compliance, NCLAT Appeal