After the 2019 amendment, a resolution plan submitted under Section 30 of the Insolvency and Bankruptcy Code, 2016 can be approved by the committee of creditors only if it receives the votes of not less than what percentage of the voting share of the financial creditors?

Section 30(4) of the Insolvency and Bankruptcy Code, 2016, as amended in 2019, provides that a resolution plan may be approved by the committee of creditors only if it is approved by a vote of not less than sixty-six per cent of the voting share of the financial creditors. Before the 2019 amendment the threshold stood at seventy-five per cent, which is why that figure is a near-miss distractor. Fifty-one per cent is the ordinary majority used for many decisions of the committee, but the statutory special majority for approval of the resolution plan is sixty-six per cent. Ninety per cent is not a threshold fixed by the Code, and fifty-five per cent is likewise unknown to it. The correct threshold after the 2019 amendment is therefore sixty-six per cent.