Does esterification require reactants to be present in the same plane? I believe that the first step is the Cannizzaro reaction which will give (c) as a product.

But since we are also adding $\ce{H+}$ in the second step, shouldn't an esterification reaction take place? That would give (d) as a final product.

However the answer given is (c).
My only guess as to why esterification wouldn't take place is the fact that the phenyl groups are in perpendicular planes, therefore esterification is difficult?
Is it necessary to have all the reactants in a plane for esterification?
The two commenters are collectively correct. But to clarify and augment their answers I would say that structure (d) cannot be correct because it is missing 2 carbon atoms relative to (c), and if you tried to cyclize (c) by forming esters, the result would be highly strained. Try making a molecular model of it and see how it looks.

Below is the product you would get if (c) cyclized. What is the difference between this product and (d)?