Correct Answer: Farewell is being bid to their seniors by the first-year students.

Solution : The correct choice is the third option.

Passive voice is the voice in which the object experiences an action rather than the person who performs the action. Hence, the object in the active sentence becomes the subject in the passive voice.

The structure of the passive voice in the case of the present continuous tense is: "Singular object + is + being + past participle form of the main verb + prepositional phrase."

Therefore, the correct sentence would be: "Farewell is being bid to their seniors by the first-year students."