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2021 Stroock Bankruptcy Guide

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165 will schedule a confirmation hearing to determine whether the plan complies with the provisions of Section 1129 of the Bankruptcy Code. 11 U.S.C. § 1128(a). Bankruptcy Rule 2002 governs the notice requirements for a confirmation hearing. When the court finds that the plan satisfies all confirmation requirements, it will enter an order of confirmation that conforms to the requirements of Bankruptcy Rule 3020(c). However, such an order may be revoked on request of a party in interest, after notice and a hearing, at any time before 180 days after the date the confirmation order was entered. 11 U.S.C. § 1144. The court may only revoke the confirmation order if it finds that the order was procured by fraud. Id. 1. Consensual Confirmation In order for a court to confirm a plan, the following requirements must be satisfied: (i) the plan and the proponent of such plan must comply with the applicable provisions of the Bankruptcy Code; (ii) the plan must be proposed in good faith and not by any illegal means; (iii) any payment made or to be made by the plan proponent, the debtor, or any person issuing securities or acquiring property under the plan, for services or for costs and expenses in or in connection with the case, or in connection with the plan and incident to the case, must be approved by, or be subject to the approval of, the court as reasonable; (iv) the plan proponent must disclose the identity and affiliations of any individual proposed to serve post- confirmation as a director, officer or voting trustee of the debtor, an affiliate of the debtor participating in a joint plan with the debtor, or a successor to the debtor

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