PUBLIC LAW 9 4 - 2 6 0 — A P R. 8, 1976
90 STAT. 3 2 3
and Exchange Commission may also file with the court an objection to the confirmation of the plan, b u t i n the case of a n objecticm filed under this section, the Securities and Exchange Commission may not appeal or file any petition for appeal. A n objection to the confirmation of the plan may be filed with the court any time p r i o r to ten days before the hearing on the confirmation of the plan, or within such other times set by the court. " S E C 94. CONFIRMATION.—
11 USC 414.
" (a) H E A R I N G ON CONFIRMATION.—Within a reasonable time after
the expiration of the time set by the court within which the plan and any modifications of the plan may be accepted or rejected, the court shall hold a hearing on the confirmation of the plan and any modifications of the plan. The court shall give notice of the hearing and of Notice. the time allowed for filing objections to all parties entitled to object under section 93. The court may, for cause shown, permit a labor union or employees' association, that represents employees of the petitioner, to be heard on the economic soundness of the plan affecting the interests of the represented employees. " (b) CONDITIONS FOR CONFIRMATION.—The court shall confirm the
l)]an if— " (1) the plan is fair and equitable and feasible and does not discriminate unfairly in favor of any creditor or class of creditors; " (2) the plan complies with the provisions of this chapter; " (3) the plan has been accepted as required by section 9 2; " (4) all amounts to be paid by the petitioner or by any person, not including other governmental entities, for services and expenses in the case or incident to the plan have been fully disclosed and are reasonable; " (5) the offer of the phm and its acceptance are in good f a i t h; and " (6) the petitioner is not prohibited by law from taking any action necessary to be taken by it to carry out the plan. " SEC. 95. E F F E C T OF C O N F I R M A T I O N. — " (a) PROVISIONS OF PLAN RINDING.—The provisions of a confirmed
plan shall be binding on the petitioner and on an^' creditor who h a d timely notice or actual knowledge of the petition or plan, whether o r not such creditor's claim lias been allowed under section 88, and whether or not such creditor has accepted the plan, " ^ b) DISCHARGE,—
" (1) The petitioner is discharged from all claims against it provided for in the plan except as provided in paragraph (2) of this subsection as of the time when— " (A) the plan has been confirmed; " (B) the petitioner has deposited the money, securities, or other consideration to be distributed under the plan with a disbursing agent appointed by the court; and " (C) the court has determined— " (i) that any security so deposited will constitute upon distribution a valid legal obligation of the petitioner; and " ( i i) that any provision made to pay or secure payment of such obligation is valid. " (2) The petitioner is not discharged under paragraph (1) of this subsection from any claim— " (A) excepted from discharge by the plan o r order confirming the p l a n; or " (B) whose holder, prior to confirmation, h a d neither timely notice n o r actual knowledge of neither the petition n o r the plan.
11 USC 415.
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