# In the matter of Shri Shyam Madhav Polybags Pvt. Ltd. IA No. 294 & 297-JPR-2019 in IB N. 27-9-JPR-2019 > NCLT judgment dated 2019-09-12. Citation: TCN-2019-NCLT-01490. The case involves an application filed by the Corporate Debtor under Rule 11 of the NCLT Rules,… - **Court:** NCLT - **Order date:** 12 Sept 2019 - **Citation:** TCN-2019-NCLT-01490 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-shyam-madhav-polybags-pvt-ltd-ia-no-294-297-jpr-2019-in-ib-n-27-9-jpr-2019-fb01c24b ## Summary ### Background The case involves an application filed by the Corporate Debtor under Rule 11 of the NCLT Rules, 2016, seeking permission to withdraw the Corporate Insolvency Resolution Process (CIRP). The CIRP was initially ordered by the Tribunal on 30.08.2019. The Operational Creditor and the Corporate Debtor settled the matter among themselves, with the Corporate Debtor paying the due amount to the Operational Creditor. IA No. 294/JPR/2019 involves an application filed by the IRP stating that his fees have not been deposited as directed in the order of the Tribunal dated 30.08.2019. The IRP incurred an expenditure of Rs. 57,834/- and requested that his fees be fixed. The learned counsel for the IRP, the IRP, the learned counsel for the Corporate Debtor, and the learned counsel for … ## Facts 365 Plastium Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated based on an order from the National Company Law Tribunal (NCLT) on 2019-08-30. 365 Plastium Pvt. Ltd., the Corporate Debtor, and Shri Shyam Madhav Polybags Pvt. Ltd., the Operational Creditor, reached a settlement. The Corporate Debtor paid the due amount to the Operational Creditor. The Interim Resolution Professional (IRP) incurred an expenditure of Rs. 57,834. The IRP's fees were not initially deposited as directed by the Tribunal. The IRP requested that his fees be fixed. The Corporate Debtor paid the IRP Rs. 1,15,000/- by RTGS transfer to settle his fees and expenditure. The Committee of Creditors (CoC) was not yet constituted. ## Issues and analysis ### Issue 1: Whether the application filed by the Corporate Debtor under Rule 11 of the NCLT Rules, 2016, … **Ratio:** Rule 11 of the NCLT Rules, 2016 allows the Tribunal to make such orders or give such … **Reasoning:** The Tribunal considered that the Operational Creditor and the Corporate Debtor had … **Interpretation:** Rule 11 of the NCLT Rules provides the Tribunal with broad powers to ensure its … **Application:** Since the parties had settled and the Corporate Debtor had paid the due amount, … ## Parties - **Judges:** POONDLA BHASKARA…; RAGHU N…; +1 more - **Respondents:** 365 Plastium Pvt.…; Shyam Madhav… ## Timeline - **2016-01-01 — NCLT Rul…**: NCLT Rules, 2016 were… - **2019-08-30 — CIRP Ord…**: Tribunal ordered the Corporate… --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/shri-shyam-madhav-polybags-pvt-ltd-ia-no-294-297-jpr-2019-in-ib-n-27-9-jpr-2019-fb01c24b