Baijayant Panda to chair Parliament’s Select Committee to review IBC Amendment Bill

Baijayant Panda

The Lok Sabha Speaker Om Birla on October 1st constituted a 24-member Select Committee to review the IBC (Amendment) Bill, 2025. According to an official notification, the Committee will be chaired by Baijayant Panda — BJP's Member of the Parliament (MP) in Lok Sabha.

The Select Committee is likely to give its inputs to the government in the next two months, post which the Amendment Bill will be tabled in House for deliberations in the "Winter Session", a senior government official told Moneycontrol on Wednesday.

According to the notification, the 24-member Committee’s members are: D. Purandeswari, C. N. Manjunath, Mitesh Patel Bakabhai, Anil Firojiya, Anand Kumar, Biplab Kumar Deb, Sanjay Jaiswal, Saumitra Khan, Karti P. Chidambaram, Shreyas M. Patel, Ravindra Vasantrao Chavan, Bhajan Lal Jatav, Neeraj Maurya, Thiru D. M. Kathir Anan, Supriya Sule, and Mahua Moitra, among others.

Finance Minister Nirmala Sitharaman on August 13 had introduced the IBC (Amendment) Bill, 2025, aimed at bringing in key reforms to the incumbent regime, including the introduction of group insolvency and cross-border insolvency frameworks, as well as the creditor led resolution process.

The 'creditor-oriented insolvency resolution process' (COIRP) is an out-of-court initiation mechanism for genuine business failures to facilitate faster and more cost-effective insolvency resolution, with minimal business disruption. Once implemented, this will help ease the burden on judicial systems, promote ease of doing business and improve access to credit, the statement said.

The group insolvency framework seeks to efficiently resolve insolvencies involving complex corporate group structures, minimising value destruction caused by fragmented proceedings and maximising value for creditors through coordinated decision-making. And the cross-border insolvency framework seeks to lay the foundation for protecting stakeholder interests in domestic and foreign proceedings, promoting investor confidence and aligning domestic practices with international best practices.