'Kaagaz Ke Phool' is the story of a creative spirit pitted against a system that understands creativity only in terms of commercial success. Narrated in flashback, it is about the rise and fall of a famous filmmaker, Suresh. Though an enormous success professionally, he has a failed marriage and a daughter, Pammi, who is in a boarding school. The turning point in his life comes when he makes a film about Devdas with an unknown girl, Shanti, cast as Parvati. Both are a runaway success and rumours about Shanti and Suresh's friendship become public and reach Pammi, who comes back to appeal to Shanti to stay out of her father's life and allow her parent's marriage another chance. Moved by Pammi's plea Shanti throws it all up to go and teach in a village school. Shanti's departure drives Suresh to alcohol and a downhill slide in his career. Eventually he gets a chance to make a comeback film -only if it stars Shanti. Does Suresh agree? Will Shanti help him make his comeback? Does Suresh come back from the edge of despair and hopelessness?