Section 29: Not to affect secured creditors

1) No restructuring program adopted by a meeting of creditors and approved by the Court pursuant to this Chapter shall, except on the following condition, prevent the secured creditors from executing or otherwise dealing with the security:

(a) Where the secured creditor votes in favour of the restructuring program or otherwise gives his or her consent that such program will be acceptable to him or her, or

(b) Where the Court orders that that program shall be binding to the secured creditor.

2) The Court may, if it is satisfied with the following matters, issue the order referred to in Clause (b) of sub-section (1):

(a) Where the secured creditor executes the security that he or she has taken, it may substantially prejudice the achievements to be made from the implementation of the restructuring program;

(b) Where such a program adequately protects the right of the secured creditor to the security and the security.