Issue link: https://mbozikis.ufcontent.com/i/1422521
164 Bankruptcy Code provides that a plan proponent may modify a plan at any time before or after confirmation of the plan but prior to "substantial consummation" 87 of the plan as long as the modified plan meets the requirements of Sections 1122 and 1123 of the Bankruptcy Code (discussed in Chapter VI.F.2. and VI.F.4– 5., respectively). 11 U.S.C. § 1127(a)–(b). Additionally, the modified plan must comport with all the requirements of Sections 1121 through 1129. 11 U.S.C. § 1127(f). Moreover, in modifying a plan, a plan proponent must comply with Section 1125 of the Bankruptcy Code, which governs postpetition disclosure and solicitation. 11 U.S.C. § 1127(c). Section 1127(d) also provides that holders of claims or interests that have previously accepted or rejected the plan will be deemed to accept or reject the modified plan according to their previous votes, unless such holder changes its acceptance or rejection within the time fixed by the court. If the debtor is an individual, upon the request of the debtor, trustee, U.S. Trustee, or an unsecured creditor, a plan may be modified at any time after confirmation but prior to the completion of payments under the plan whether or not the plan has been "substantially consummated." 11 U.S.C. § 1127(e). The requesting party may seek to increase or reduce the amount of payments on claims of a particular class, modify the time period for such payments, or modify the amount of the distribution to a creditor to the extent such creditor has been paid other than under the plan. Id. G. Plan Confirmation The court must confirm a plan before the plan will become effective and binding on all parties. To confirm a plan, the court 87 This term is defined in Section 1101(2) of the Bankruptcy Code as a "(A) transfer of all or substantially all of the property proposed by the plan to be transferred; (B) assumption by the debtor or by the successor to the debtor under the plan of the business or of the management of all or substantially all of the property dealt with by the plan; and (C) commencement of distribution under the plan."