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D is corrent because under a Chapter 11 reorganization, a debtor is allowed to remain in possession of its business unless the court upon request by a party in interest appoints a trustee to take over management of the debtor’s business. The court will approve such a request when it appears gross mismanagement of the business has occurred, or that the takeover by a trustee would be in the best interest of the debtor’s estate.
A is incorrect because in a Chapter 11 reorganization only the debtor may file a plan within the first 120 days after the date of the order for relief. If the debtor does not meet the 120-day deadline, any party in interest can propose a plan, but at no time is a "duly constituted creditors committee" the only party able to file a plan.
B is incorrect because Waters, as a separate entity from Hard Times, will not have his personal bankruptcy status resolved when a petition is filed against Hard Times. Waters may be forced into bankruptcy by a separate petition, but since the corporation is a separate entity from Waters, the filing of a petition for bankruptcy against Hard Times will not automatically cause Waters’ bankruptcy status to be resolved.
C is incorrect because a corporate reorganization can be voluntary or involuntary.