1. The Trustee shall, within a maximum period of (10) ten days from the date of the required majority's approval or rejection of the plan, notify the Bankruptcy Department and the Unit, where if the debtor is supervised by the regulatory authority thereof. The notification shall be accompanied by the approved or disapproved plan, minutes of meetings and sheet of attendance and voting. If the plan is approved, the Bankruptcy Court shall ratify the same. 2. The Bankruptcy Department shall, within (10) ten days from the date of its receipt of the notification, notify the debtor and all creditors of the notification referred to in Clause (1) of this Article and its attachments. 3. In the event that the plan is disapproved, the Bankruptcy Court may, within a maximum period of ten (10) days from the date of notification of the Bankruptcy Department, issue a decision based on the debtor's request to ratify the disapproved plan, provided that the rights of the creditors included in the disapproved plan are not less than the ones that they would have in the event of the debtor's bankruptcy, after taking the opinion of the Trustee in this regard and hearing the objections of the creditors, or by completing the proceedings and saving the application. The court may, based on a motion to be submitted thereto by the debtor, the regulatory body or the creditors, issue a reasoned decision to initiate bankruptcy proceedings, subject to the provisions stipulated in this Law regarding submitting the application for the initiation of the proceedings.
Interpretation and application must be checked against the official text and current version.