Does the 'Best Interests' Test Protect the Tardy?

The “best interests of creditors test,” which must be met in order to confirm any Chapter 11 plan, states: “[w]ith respect to each impaired class of claims or interests ' (A) each holder of a claim or interest of such class ' (i) has accepted the plan; or (ii) will receive or retain under the plan on account of such claim or interest property of a value, as of the effective date of the plan, that is not less than the amount that such holder would so receive or retain if the debtor were liquidated under Chapter 7 of this title on such date.” 11 U.S.C. ' 1129(a)(7)(A).

Notably, in a Chapter 7 case, under ' 726(a), late-filed priority claims receive payment before any unsecured nonpriority claims are paid, and late filed unsecured nonpriority claims will be paid before timely filed claims on account of fines, penalties, punitive damages, or interest on unsecured claims, and before the holders of equity interests receive any distribution. What happens if a claim is disallowed under ' 502(b)(9) because it is tardily filed, but that same claimant would receive a distribution in a hypothetical Chapter 7 liquidation of the debtor? Does that claimant have standing to assert her rights under the best interests test at plan confirmation, and if so, must the Chapter 11 plan make provision for distributions on account of late-filed claims? Or, is it clear that once a late-filed claim is disallowed in Chapter 11, the holder of that claim is not entitled to the protections of the best interests test?