Camp Sarchu is a good place to stay the night when traveling between the extremely high Baralacha and Lachlung passes. Though sleeping isn't easy in the cold nights at 3900 m. altitude.
Sarchu is 4253 meters : avoid this as a nightcamp between Manali and Leh or you might get seriously ill with altitude sickness. Doing it after acclimatizing in Ladakh makes it a lot more enjoyable.