# In the matter of Lotus Poly-Packs (India) Private Limited

> NCLT judgment dated 2024-07-02. Citation: TCN-2024-NCLT-01089. The case pertains to CP(IB) No. 301/9/HDB/2020 and IA (IBC) 518/2024 filed in CP(IB) No.…

- **Court:** NCLT
- **Order date:** 2 Jul 2024
- **Citation:** TCN-2024-NCLT-01089
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lotus-poly-packs-india-private-limited-7be14bc7

## Summary

### Background

The case pertains to CP(IB) No. 301/9/HDB/2020 and IA (IBC) 518/2024 filed in CP(IB) No. 301/9/HDB/2020 under Section 9 of the IBC, 2016. The matter is before the National Company Law Tribunal, Hyderabad Bench – 1, and is being conducted in VC and Physical (Hybrid) Mode. CYMK Inks LLP is the Operational Creditor, and Lotus Poly-Packs Pvt Ltd is the Corporate Debtor.

## Facts

The case involves an application, IA (IBC) 518/2024, in connection with CP(IB) No. 301/9/HDB/2020, initiated under Section 9 of the IBC, 2016. CYMK Inks LLP is the Operational Creditor, and Lotus Poly-Packs Pvt Ltd is the Corporate Debtor. During the hearing, the Resolution Professional and the proxy Counsel for Respondent No. 2 were present. The proxy counsel stated that the second respondent/COC member has paid the bank share as claimed by the Resolution Professional. The Resolution Professional also filed the receipt of the memo. The key fact is that the payment has been made, leading to the closure of the application.

## Issues and analysis

### Issue 1: Whether IA (IBC) 518/2024 should be closed given the payment made by the second respondent/COC …

**Ratio:** When the claim is satisfied, and the receipt of the memo is filed, the application can be

…

**Reasoning:** The court considered the statement of the proxy counsel for Respondent No. 2, confirming

…

**Interpretation:** The legal issue revolves around the satisfaction of the claim made in the

…

**Application:** In this case, the second respondent/COC member paid the bank share as claimed

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** CYMK Ink…
- **Respondents:** Lotus Poly-Packs…

## Timeline

- **2024-07-02 — Hearing…**: Hearing held on 02-07-2024 at 10:30 AM regarding CP(IB) No. 301/9/HDB/2020 and IA (IBC)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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-division-bench-court-i-chenn/lotus-poly-packs-india-private-limited-7be14bc7