One devoutly to be wished by some though not all. Section 1101(2) defines substantial consummation as “(a) transfer of all or substantially all of the property proposed by the plan to be transferred, (b) assumption by the debtor or by the successor to the debtor under the plan of the business or of the management of all or substantially all of the property dealt with by the plan, and (c) commencement of 177 distribution under the plan.” Courts have generally interpreted this provision very expansively. Upon substantial consummation, those objecting to the plan and attempting to prosecute appeals to overturn the plan’s confirmation are likely to fall victim to the mootness doctrine. The plan proponents usually very devoutly wish for the moment of substantial consummation, and for this favor they must pay the very small price of being unable to modify the plan thereafter.
Bankruptcy Code §§ 1101(2), 1127(b). See also Equitable Mootness, Modification of Plan, Mootness Doctrine.