Cap. 631 Art. 41Adoption of restructuring plan.

(1) The restructuring plan shall be adopted by the affected parties if it is approved by not less than two-thirds (2/3) of the affected parties in each class, by reference to the value of the claims represented thereby.

(2) Where a restructuring plan is adopted in terms of this article, the insolvency practitioner shall, without delay, file an application to the Court for the confirmation of the restructuring plan so that it may be made effective and binding on all affected parties for all purposes of law, to which the insolvency practitioner shall annex a copy of the adopted restructuring plan and proof of the adoption thereof by the affected parties, as well as the grounds, where these are expressly stated, pursuant to which any dissenting creditors have voted against the adoption of the restructuring plan.