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Key Points

BJP MP Baijayant Panda has been appointed chairperson of the Lok Sabha Select Committee examining the IBC Amendment Bill. The 24-member committee includes MPs from various political parties including Congress, TMC, and DMK. The proposed amendments aim to significantly reduce corporate insolvency resolution times from over 434 days to the mandated 14 days. Key reforms include introducing creditor-initiated processes and streamlining resolution procedures for faster debt recovery.

Key Points: Baijayant Panda Chairs Lok Sabha IBC Amendment Bill Committee

  • Bill proposes Creditor-Initiated Insolvency Resolution Process for faster debt recovery
  • Aims to reduce average resolution time from 434 days to mandated 14 days
  • Expands definition of resolution plans to allow asset sales during proceedings
  • Clarifies government dues priority and tightens withdrawal controls on applications
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Baijayant Panda to chair Select Committee on IBC Amendment Bill

BJP MP Baijayant Panda appointed to lead 24-member Select Committee examining IBC reforms aimed at reducing delays and strengthening insolvency resolution processes.

"The committee includes BJP MPs D Purandeswari, CN Manjunath, Mitesh Patel Bakabhai, Anil Firojiya, Anand Kumar, Biplab Kumar Deb, Sanjay Jaiswal and Saumitra Khan - Lok Sabha Announcement"

New Delhi, October 1

Bharatiya Janata Party MP Baijayant Panda has been appointed as the Chairperson of the Select Committee of Lok Sabha on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025.

Apart from Panda, 23 other MPs from various political parties have been appointed to the committee.

The committee includes BJP MPs D Purandeswari, CN Manjunath, Mitesh Patel Bakabhai, Anil Firojiya, Anand Kumar, Biplab Kumar Deb, Sanjay Jaiswal and Saumitra Khan, Congress MPs Karti P Chidambaram, Shreyas M Patel, Ravindra Vasantrao Chavan, Bhajan Lal Jatav, Neeraj Maurya (Samajwadi Party), D M Kathir Anand (DMK), Supriya Sule (NCP-SCP), Lavu Sri Krishna Devarayalu (TDP), Mahua Moitra (TMC), Sunil Kumar (JD-U), Shrikant Eknath Shinde (Shiv Sena), Navaskani K (IUML), P V Midhun Reddy (YSRCP), Rajkumar Sangwan (RJD), and Chandra Prakash Choudhary (AJSU).

Lok Sabha Speaker Om Birla appointed Baijayant Panda as Chairperson of the Select Committee.

He had earlier headed the Select Committee on the new Income Tax Bill

The IBC (Amendment) Bill proposes several structural and procedural changes to the Insolvency and Bankruptcy Code (IBC), 2016, and was referred to a Select Committee for wider examination.

The proposed amendments in the bill seek to incorporate new concepts including a Creditor-Initiated Insolvency Resolution Process (CIIRP), enabling provisions and measures to enhance efficiency at both resolution and liquidation stages.

Under the existing law, applications for initiating corporate insolvency resolution must be admitted within 14 days, but in practice the process takes over 434 days on average. To curb this delay, Section 7 of the Insolvency and Bankruptcy Code (IBC Code) is proposed to be amended to mandate admission solely on the existence of defaults.

To Streamline the corporate insolvency resolution process (CIRP) many reforms were proposed in the bill. It includes expanding the definition of resolution plans to allow asset sales, restricting the corporate applicant's role in proposing resolution professionals, clarifying government dues priority, and placing tighter controls on the withdrawal of CIRP applications.

On August 13, Union Finance Minister Nirmala Sitharaman introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 in the Lok Sabha, aiming to reduce delays and strengthen governance of the insolvency resolution process.

- ANI

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Reader Comments

R
Rohit P
434 days average for resolution is absolutely unacceptable! This delay is killing our businesses and hurting creditors. The proposed amendments seem promising, especially the mandatory admission on default. Hope the committee acts fast.
S
Sarah B
While I appreciate the bipartisan committee composition, I hope this isn't just another committee that takes months to deliberate while businesses suffer. The IBC reforms are crucial for economic growth - need urgent implementation.
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Aditya G
The Creditor-Initiated Insolvency Resolution Process (CIIRP) is a game-changer! This will empower creditors and reduce the burden on NCLT. Good to see practical reforms being considered after years of IBC implementation experience.
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Meera T
As a small business owner who has faced recovery issues, I welcome these changes. The current system favors large corporates who can afford legal delays. Hope the committee considers MSME perspectives too. 🤞
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Karthik V
The committee has good representation from multiple parties - BJP, Congress, TMC, DMK, etc. This should ensure balanced recommendations. Hope they focus on practical solutions rather than political posturing.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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