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Section 29
The rights of secured creditors will not be affected
: (1) The restructuring program passed by the meeting of creditors and approved by the court in accordance with this paragraph shall not hinder the secured creditor from carrying out security proceedings or doing business in any other way, except in the following cases:-
(a) the secured creditor votes in favor of the restructuring plan or otherwise consents to such plan being acceptable to him, or
(b) If the court orders that the program is binding on the secured creditor (2) If the court is satisfied with the following matters, it may make an order as per clause (b) of sub-section (1):-
(a) If the performance of the restructuring program by the secured creditor may have a fundamentally adverse effect on the implementation of the restructuring plan,
(b) If such program adequately protects the rights and security of the secured creditor.
(a) the secured creditor votes in favor of the restructuring plan or otherwise consents to such plan being acceptable to him, or
(b) If the court orders that the program is binding on the secured creditor (2) If the court is satisfied with the following matters, it may make an order as per clause (b) of sub-section (1):-
(a) If the performance of the restructuring program by the secured creditor may have a fundamentally adverse effect on the implementation of the restructuring plan,
(b) If such program adequately protects the rights and security of the secured creditor.