Financial Restructuring and Bankruptcy Law

Article 113 — Article (113) Plan Approval Meeting

Part Two · Chapter Four: Approval and Endorsement of the Plan

1. The debtor shall call the creditors to approve the plan pursuant to a notice containing the date and place of the meeting, in accordance with the procedures contained in the plan. The meeting shall be held not later than (30) thirty days from the date of notifying the representative of the Creditors' Committee and the members of the committee of the plan and its attachments. A notice shall also be served to the Unit, where the debtor is supervised by the regulatory authority, and to the regulatory authority. 2. The debtor shall chair the meeting, and with the approval of the required majority, the Trustee, any of the creditors or third parties may be assigned to chair the meeting. 3. In the event that the debtor refrains from holding the meeting as stipulated in Clause (1) of this Article, the Bankruptcy Court, based on a motion to be submitted thereto by the Trustee, any of the creditors or the Unit, where the debtor is supervised by the regulatory authority, shall call the creditors to hold a meeting, and the Trustee shall chair the meeting. 4. If attendance is via modern means of communication, the Trustee shall attend the meeting, and in this case, it may be sufficient for the debtor and the Trustee or the chairman of the meeting to sign the minutes.

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