For the approval of a resolution plan, Section 30 read with Section 21 of the Insolvency and Bankruptcy Code 2016 requires the vote of the committee of creditors representing not less than what percentage of the voting share, as amended in 2019?

Section 21 of the IBC 2016 provides for the constitution of the committee of creditors, comprising all financial creditors of the corporate debtor, whose voting share is determined by the proportion of financial debt owed to each of them. Section 30 requires the resolution professional to submit the plan approved by the committee of creditors to the Adjudicating Authority. Section 30(4), as amended in 2019, provides that the committee may approve a resolution plan by a vote of not less than sixty-six per cent of the voting share; prior to the amendment, the requirement was seventy-five per cent. Once approved by the tribunal under Section 31, the plan binds the corporate debtor, its creditors, guarantors and all other stakeholders. Sixty-six per cent is therefore the correct threshold.