Bankruptcy Law

1. If any of the cases referred to in paragraph (2) of this Article occur, the trustee shall file a petition with the court to confirm the proposal, and shall notify the creditors thereof prior to filing. The court shall set a date for the confirmation hearing. 2. The court shall, upon the request of the trustee, confirm the proposal which meets the standards of fairness if: 3. all classes of creditors and owners accept the proposal; or 4. at least one class of creditors accepts the proposal, and the creditors whose claims represent at least 50% of the total value of claims of creditors voting in all classes vote in its favor, and if the court determines that the confirmation of the proposal is in the best interest of the majority of creditors. 5. The court shall approve the proposal to amend the plan in accordance with paragraph (2) of this Article. 6. A creditor shall have the right to object to the proposal before the court during the confirmation hearing on the grounds that it does not meet the standards of fairness if he has voted against it believing on reasonable grounds that the proposal is prejudicial to his interests.