P.R. Laws tit. 13, § 112c
(a) Any eligible obligor seeking entry of an approval order shall file an application with the Court requesting such approval not later than thirty (30) days after obtaining the requisite consent of holders of an affected debt instrument set forth in subsection (d)(2) of § 112a of this title.
(b) The Court shall conduct a hearing to consider entry of the approval order not later than twenty-one (21) days after the filing of the application.
(c) Notwithstanding any contractual provision or applicable law to the contrary, notice of the hearing described in subsection (b) of § 112c of this title shall be proper and reasonable if:
(1) Publication notice of such hearing is made in accordance with subsection (c)(2) of § 111o of this title; and
(2) notice of such hearing is transmitted to the holders of the affected debt instruments at least fourteen (14) days prior to such hearing, including through The Depository Trust Company or similar depository, or as the Court otherwise orders.
(d) Subject to the terms and conditions of the affected debt instrument (including any limitations on suits prescribed therein), any holder of an affected debt instrument may object to the relief sought in subsection (a) of this section by filing an objection in accordance with § 111s of this title; Provided, however, That no entity may object if it is not adversely impacted by the actions taken in connection with this chapter.
(e) In determining whether an approval order shall be entered, the Court shall consider only whether the amendments, modifications, waivers, or exchanges, as the case may be, proposed in such transaction, are consistent with the requirements of §§ 112-112f of this title and the objectives set forth in § 112(a) of this title, and whether the voting procedure followed in connection with the consensual debt relief transaction, which shall include a reasonable notice and period of time to vote or consent as the circumstances require, was carried out in a manner consistent with §§ 112-112f of this title. If the Court determines that each of these requirements has been satisfied, it shall enter the approval order.
History —June 28, 2014, No. 71, § 204.