For the approval of a resolution plan under the Insolvency and Bankruptcy Code 2016, the Committee of Creditors must approve the plan by a vote of not less than:

The resolution plan placed before the Committee of Creditors under s.30 of the Insolvency and Bankruptcy Code 2016 must be approved by the Committee before submission to the Adjudicating Authority. Section 30(4), as amended with effect from June 2019, provides that the Committee of Creditors may approve a resolution plan by a vote of not less than sixty-six per cent of the voting share of the financial creditors, the threshold having been reduced from the original seventy-five per cent. Once approved by the Committee and confirmed by the Adjudicating Authority under s.31, the plan becomes binding on the corporate debtor, its members, its creditors and all other stakeholders. Sixty-six per cent is the applicable voting requirement; fifty-one, sixty, seventy-five and ninety per cent are not the correct figures for plan approval.