How to remove Thunderbird authentication error when using Hotmail account.

A Few Days ago, my Hotmail account configured in Thunderbird stopped working.  I tried various things but nothing happen to working for me. At last I found something which helped me cracking the issue I want to share with you guys.

It was about 2 step verification process introduced by Microsoft for extra security to stop from phishing. Please go through link to get rid of error.