Under the IBC 2016 (Section 30(4)) and as confirmed in Essar Steel India Ltd. Committee of Creditors v. Satish Kumar Gupta, (2020) 8 SCC 531, the resolution plan must be approved by:

1. Section 30(4) IBC: '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.' 2. The threshold was originally 75% and was reduced to 66% (66%) by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018. 3. In Committee of Creditors of Essar Steel v. Satish Kumar Gupta (2020), the Supreme Court emphasised the COMMERCIAL WISDOM of the CoC as paramount and held that the NCLT's adjudication is confined to compliance with Sections 30(2) and 30(4). 4. Section 31 then provides for approval of the plan by NCLT — binding on all stakeholders (corporate debtor, employees, members, creditors, guarantors, etc.). 5. Hence option B is correct. _Source: Companies Act 2013 (Act 18 of 2013), Govt. of India MCA — Insolvency and Bankruptcy Code 2016, Section 30(4) (post-2018 amendment); Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta, (2020) 8 SCC 531_