Section 943(b)(1) requires as a condition
for confirmation that the plan comply with the provisions of the
Bankruptcy Code made applicable by sections 103(e) and 901(a) of
the Bankruptcy Code. The most important of these for purposes of
confirming a plan are those provisions of 11 U.S.C. § 1129 (i.e.,
§ 1129(a)(2), (a)(3), (a)(6), (a)(8), (a)(10)) that are made
applicable by 11 U.S.C. § 901(a). Section 1129(a)(8) requires, as
a condition to confirmation, that the plan has been accepted by
each class of claims or interests impaired under the plan.
Therefore, if the plan proposes treatment for a class of creditors
such that the class is impaired (i.e., the creditor’s legal,
equitable, or contractual rights are altered), then that class’s
acceptance is required. If the class is not impaired, then
acceptance by that class is not required as a condition to
confirmation. Under 11 U.S.C. § 1129(a)(10), the court may
confirm the plan only if, should any class of claims be impaired
under the plan, at least one impaired class has accepted the plan.
If only one impaired class of creditors consents to the plan, plan
confirmation is still possible under the “cram down”
provisions of 11 U.S.C. § 1129(b). Under “cram down,” if all
other requirements are met except the § 1129(a)(8) requirement
that all classes either be unimpaired or have accepted the plan,
then the plan is confirmable if it does not discriminate unfairly
and is fair and equitable.