Sec. 314. Confirmation
346 words·~2 min read·
/bill/114/hr/5278/rfs/section-314·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A special tax payer may object to confirmation of a plan. The court shall confirm the plan if— the plan complies with the provisions of title 11 of the United States Code, made applicable to a case under this title by section 301 of this Act; the plan complies with the provisions of this title; the debtor is not prohibited by law from taking any action necessary to carry out the plan; except to the extent that the holder of a particular claim has agreed to a different treatment of such claim, the plan provides that on the effective date of the plan each holder of a claim of a kind specified in 507(a)(2) of title 11, United States Code, will receive on account of such claim cash equal to the allowed amount of such claim; any legislative, regulatory, or electoral approval necessary under applicable law in order to carry out any provision of the plan has been obtained, or such provision is expressly conditioned on such approval; the plan is feasible and in the best interests of creditors, which shall require the court to consider whether available remedies under the non-bankruptcy laws and constitution of the territory would result in a greater recovery for the creditors than is provided by such plan; and the plan is consistent with the applicable Fiscal Plan certified by the Oversight Board under title II.
If all of the requirements of section 314(b) of this title and section 1129(a) of title 11, United States Code, incorporated into this title by section 301 other than sections 1129(a)(8) and 1129(a)(10) are met with respect to a plan— with respect to which all claims are substantially similar under section 301(e) of this title; that includes only one class of claims, which claims are impaired claims; and that was not accepted by such impaired class, the court shall confirm the plan notwithstanding the requirements of such sections 1129(a)(8) and 1129(a)(10) of title 11, United States Code if the plan is fair and equitable and does not discriminate unfairly with respect to such impaired class.