For a resolution plan to be approved by the Committee of Creditors under the Insolvency and Bankruptcy Code 2016, as amended in 2019, it must receive the affirmative vote of not less than -

Following the Insolvency and Bankruptcy Code (Amendment) Act 2019, the threshold for approval of a resolution plan by the Committee of Creditors stands at sixty-six per cent of the voting share of the financial creditors, as provided in Section 30(4) of the Code read with the regulations framed by the Insolvency and Bankruptcy Board of India. The earlier requirement of seventy-five per cent was reduced to sixty-six per cent in 2019 to facilitate approval once more than half of the financial creditors with the requisite voting share are in favour. Thresholds of fifty-one and sixty per cent are not the statutory figure, and ninety per cent is not prescribed either. Once approved under Section 31, the plan is binding on the corporate debtor and all its creditors.