Page:United States Statutes at Large Volume 92 Part 2.djvu/1280

 9 2 STAT. 2560

Post, p. 2627.

Post, p. 2604. 11 USC 304.

PUBLIC LAW 95-598—NOV. 6, 1978 and delivering to the ti'ustee, if there is an order for relief in the case, such property, or the value, as of the date the debtor regains possession. of such property. (h) I f the petition is not timely controverted, the court shall order relief against the debtor in an involuntary case under the chapter under which the petition was filed. Otherwise, after trial, the court shall order relief against the debtor in an involuntary case under the chapter under which the petition was filed, only if— (1) the debtor is generally not paying such debtor's debts as such debts become due; or (2) within 120 days before the date of the filing of the petition, a custodian, other than a trustee, receiver, or agent appointed or authorized to take charge of less than substantially all of the property of the debtor for the purpose of enforcing a lien aga/inst such property, was appointed or took possession. (i) If the court dismisses a petition under this section other than on consent of all petitioners and the debtor, and if the debtor does not waive the right to judgment under this subsection, the court may g r a n t judgment— (1) against the petitioners and in favor of the debtor for— (A) costs; (B) a reasonable attorney's fee; or (C) any damages proximately caused by the taking of possession of the debtor's property by a trustee appointed under subsection (g) of this section or section 1104 of this title; or (2) against any petitioner that filed the petition in bad faith. for— (A) any damages proximately caused by such filing; or (B) punitive damages. (j) Only after notice to all creditors and a hearing may the court dismiss a petition filed under this section— (1) on the motion of a petitioner; (2) on consent of all petitioners and the debtors; or (3) for want of prosecution. (k) Notwithstanding subsection (a) of t h i s section, an involuntary case may be commenced against a foreign bank that is not engaged in such business in the United States only under chapter 7 of this title and only if a foreign proceeding concerning such bank is pending. § 304. Cases ancillary to foreign proceedings (a) A case ancillary to a foreign proceeding is commenced by the filing with the bankruptcy court of a petition under this section by a foreign representative. (b) Subject to the provisions of subsection (c) of this section, if a party in interest does not timely controvert the petition, or after trial, the court may— (1) enjoin the commencement or continuation of— (A) any action against— (i) a debtor with respect to property involved in such foreign proceeding; or (ii) such property; or (B) the enforcement of any judgment against the debtor with respect to such property, or any act or the commencement or continuation of any judicial proceeding to create or enforce a lien against the property of such estate;

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