1. If the Bankruptcy Court admits the debtor's application stated in Article (252) of this Law, the debtor may ask the court to grant him a period not exceeding forty (40) days to negotiate with the creditors to reach an agreement to settle its debts. 2. The debtor shall announce a summary of the Bankruptcy Court's decision to approve granting the debtor the period, provided that the notification includes a notice to the creditors to negotiate with the debtor to agree on the settlement, not later than twenty (20) days from the date of the notification. The notice shall specify the place or means through which the negotiation procedures will be executed. 3. The debt settlement period offered by the debtor shall not exceed (12) twelve months from the date of the Bankruptcy Court's decision approving the debtor's application. 4. The summary of the negotiations between the debtor and creditors and the settlement agreement shall be documented in writing, including the exchange of correspondence via electronic means. In the event that an agreement is reached to settle the debtor's debts by creditors representing two-thirds of the value of the debt, who got involved in the negotiation procedures with the debtor, this agreement shall be binding on all creditors, including creditors who abstained from engaging in the negotiation procedures. 5. The debtor and any creditor who has an interest in the proceedings shall notify the Bankruptcy Court and all creditors of the details of the settlement agreement contained in this Article within (10) ten days from the date of the written approval of the creditors. The Bankruptcy Court may issue a decision rejecting the settlement agreement within (15) fifteen days from the date of its notification of it if it becomes clear that it is not consistent with good faith in implementing obligations. 6. Any creditor who does not agree to the settlement agreement in accordance with the provisions of this Article may file an objection before the Bankruptcy Court within (15) fifteen days from the date of its notification of the settlement agreement, and the court shall decide on the objection not later than five (5) days from the date of submitting the objection, after its decision is final and binding on all creditors.
Interpretation and application must be checked against the official text and current version.