Section III From the Judicial Recovery Plan Art. 53. The recovery plan will be presented
by the debtor in court within the non-extendable period 60 (sixty) days from the publication of the decision
that defer recovery processing on pain of conviction in bankruptcy,
and should contain: I – detailed breakdown of the means
recovery to be employed, according to art. 50 of this Law, and its summary; II – demonstration of its economic viability;
and III – economic-financial and appraisal report
of the debtor’s assets and assets, subscribed by legally qualified professional or company
specialized. Single paragraph. The judge will order the publication
notice containing notice to creditors about receiving the recovery plan and
fixing the deadline for the manifestation of possible objections, subject to art. 55 of this Law. Art. 54. The judicial reorganization plan
may not provide for a period exceeding 1 (one) year for payment of derivative credits
labor legislation or arising from accidents at work due to date
of the request for judicial recovery. Single paragraph. The plan may not yet
provide for a period exceeding 30 (thirty) days to the payment, up to the limit of 5 (five) minimum wages
per worker, claims of a nature strictly salary overdue in the three (3)
months prior to the recovery request judicial. Section IV Judicial Recovery Procedure Article 55. Any creditor may manifest
to the judge his objection to the recovery plan within 30 (thirty) days from the date of
publication of the list of creditors of which deals with § 2 of art. 7 of this Law. Single paragraph. If on the date of publication
of the relationship dealt with in the caput of this article, the notice provided for in
in art. 53, sole paragraph, of this Law, publication of this deadline
for the objections. Article 56. If any creditor objects.
to the judicial reorganization plan, the judge will convene the general meeting of creditors
to deliberate on the recovery plan. Paragraph 1. The date designated for the
of the general meeting shall not exceed 150 and fifty) counted days of granting
of judicial recovery processing. Paragraph 2. The general meeting that approves the plan
of judicial reorganization may indicate the members of the Creditors Committee, as
of art. 26 of this Act, if it is no longer constituted. Paragraph 3. The judicial reorganization plan may
undergo changes at the general meeting, provided there is express agreement of the debtor
and in terms that do not imply decrease rights exclusively of absent creditors. Paragraph 4 Rejected the recovery plan
by the general assembly of creditors, the judge will decree the debtor’s bankruptcy. Art. 57. After joining the plan file
approved by the general meeting of creditors or after the period provided for in art. 55 of this
Law without objection of creditors, the debtor will present negative tax debt certificates
under the terms of arts. 151, 205, 206 of the Law No. 5,172, of October 25, 1966 – Code
National Tax. Article 58. Once the requirements of this Law have been fulfilled,
the judge will grant judicial recovery debtor whose plan has not been objected to
of creditor under the terms of art. 55 of this Law or has been approved by the general assembly
of creditors in the form of art. 45 of this Law. Paragraph 1. The judge may grant the recovery
based on a plan that did not obtain approval in the form of art. 45 of this Law,
provided that at the same meeting it obtained, cumulatively: I – the favorable vote of creditors representing
more than half the value of all credits attending the meeting, regardless
of classes; II – the approval of 2 (two) of the classes
of creditors pursuant to art. 45 of this Law or, if there are only 2 (two) classes with
voting creditors, the approval of at least 1 (one) of them; III – in the class that has rejected it,
favorable vote of more than 1/3 (one third) of creditors, computed in accordance with §§ 1
and 2 of art. 45 of this Law. Paragraph 2. Judicial recovery may only be
be granted on the basis of § 1 of this article if the plan does not imply differential treatment
among the creditors of the class who rejected it. Art. 59. The judicial reorganization plan
implies novation of previous credits upon request, and obliges the debtor and all creditors
subject to it, without prejudice to the warranties, subject to the provisions of § 1 of art. 50
of this law. Paragraph 1. The judicial decision granting the
judicial reorganization will constitute title judicial executive, pursuant to art. 584,
item III, of the heading of Law No. 5,869, of January 11, 1973 – Code of Process
Civil. Paragraph 2. Against the decision granting recovery
court will be a grievance, which may be brought by any creditor and the prosecutor. Art. 60. If the judicial reorganization plan
approved involves judicial disposal of subsidiaries or isolated production units
of the debtor, the judge shall order its realization, Observing the provisions of art. 142 of this Law. Single paragraph. The object of alienation
will be free of charge and there will be no successor of the bidder in the obligations
debtor, including those of a tax nature, subject to the provisions of § 1 of art. 141
of this law. Article 61. The decision provided for in
art. 58 of this Act, the debtor shall remain in judicial recovery until they are fulfilled
all the obligations provided for in the plan if they expire within two (2) years after the grant
of judicial recovery. Paragraph 1. During the period established in
caput of this article, non-compliance with any obligation under the plan will entail
the convolution of bankrupt recovery, pursuant to art. 73 of this Law. Paragraph 2 Bankruptcy is declared, the creditors
will have reinstated their rights and guarantees under the conditions originally contracted,
the amounts eventually paid and deducted except for acts validly performed
in the context of judicial reorganization. Art. 62. After the period provided for in art.
61 of this Law, in the event of non-compliance with any obligation provided for in the
judicial recovery, any creditor may apply for specific execution or bankruptcy
based on art. 94 of this Law. Art. 63. Fulfilled the obligations due
within the period provided for in the caput of art. 61 of this Law, the judge shall order the closure of the
judicial reorganization and will determine: I – payment of the balance of fees
to the court administrator and may only discharge these obligations by
accountability, within 30 (thirty) days, and approval of the planned report
in item III of the caput of this article; II – the calculation of the balance of court costs
to be collected; III – the presentation of a detailed report
of the court administrator within of 15 (fifteen) days, concerning the execution
debtor’s recovery plan; IV – the dissolution of the Creditors Committee
and the dismissal of the court administrator; V – Communication to the Public Registry
Companies for the appropriate measures.