2023 Laws of Puerto Rico › TITLE THIRTEEN - Taxation and Finance (§§ 1 — 33423) › Subtitle 1 - Governmental Finances (§§ 1 — 155) › Chapter 8 - Puerto Rico Public Corporation Debt Enforcement and Recovery Act (§§ 111 — 113nn) › Subchapter I - General Provisions (§§ 111 — 111jj) › § 111n - Effect of approval, transfer, and confirmation orders

(a) An approval order in respect of a consensual debt relief transaction under §§ 112-112f of this title and a confirmation order in respect of a plan or transfer order or final statement of allocation under §§ 113-113nn of this title shall each be treated as a judgment for the purposes of Commonwealth law, subject only to appeal as provided in § 111z of this title.
(b) Upon entry of an approval order in respect of a consensual debt relief transaction under §§ 112-112f of this title:
(1) The amendments, modifications, waivers, or exchanges contained therein automatically shall take effect and shall be binding on the eligible obligor that is party to the affected debt instrument, any entity asserting claims or other rights, including a beneficial interest, in respect of affected debt instruments of such eligible obligor, any trustee, any collateral agent, any indenture trustee, any fiscal agent, and any bank that receives or holds funds from such eligible obligor related to the affected debt instruments; and
(2) the Court shall retain jurisdiction, and thereafter no entity asserting claims or other rights, including a beneficial interest, in respect of affected debt instruments of such eligible obligor, no trustee, no collateral agent, no identure trustee, no fiscal agent, and no bank that receives or holds funds from such eligible obligor related to the affected debt instruments shall bring any action or proceeding of any kind or character for the enforcement of such claim or remedies in respect of such affected debt instruments, except with the permission of the Court and then only to recover and enforce the rights permitted under the amendments, modifications, waivers, or exchanges, and the approval order.
(c) Except as otherwise provided in a plan, in the order confirming such plan, in a transfer order, or in a final statement of allocation, each under §§ 113-113nn of this title, upon entry of a confirmation order, a transfer order, or a final statement of allocation:
(1) The provisions of the confirmed plan and order confirming such plan bind the petitioner and all creditors whose rights are affected by the plan;
(2) the transfer order and final statement of allocation bind the petitioner and all creditors whose rights are affected by such transfer order or final statement of allocation; and
(3) all creditors affected by the plan or the final statement of allocation shall be enjoined from, directly or indirectly, taking any action inconsistent with the purpose of this chapter, including bringing any action or proceeding of any kind or character for the enforcement of such claim or remedies in respect of affected debt, except as each has been affected pursuant to the plan under §§ 113-113nn of this title or the final statement of allocation.
(d) Except as expressly otherwise provided in an approval order under §§ 112-112f of this title, or a plan, an order confirming a plan, a transfer order, or a final statement of allocation under §§ 113-113nn of this title, upon entry of any such order or final statement of allocation, the eligible obligor or the petitioner is authorized to perform all acts set forth in the debt relief transaction, the approval order, the plan, the order confirming such plan, the transfer order, or the final statement of allocation, without any further authorization from any Commonwealth entity or the Court.
(e) The Court may direct the eligible obligor, the petitioner, and any other necessary party to execute, to deliver, or to join in the execution or delivery of any contract required to effect a transfer of property dealt with by an approved consensual debt relief transaction under §§ 112-112f of this title, or a final statement of allocation or a confirmed plan under §§ 113-113nn of this title, and to perform any other act, including the satisfaction of any lien, that is necessary for the consummation of the consensual debt relief transaction, the final statement of allocation, or the plan.
History —June 28, 2014, No. 71, § 115.