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On Friday, BJP MP Baijayant Panda announced that the parliamentary committee formed to review the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 will present its report during the upcoming winter session of Parliament. As the chair of the committee, Panda noted that significant progress has been made on the IBC amendment bill, stating, "There has been excellent progress, and member participation has been commendable."

The winter session of Parliament is set to commence on December 1 and will run until December 19. Earlier in the day, the committee convened to gather oral evidence from representatives of the Ministry of Micro, Small and Medium Enterprises (MSME) and the Ministry of Corporate Affairs, reviewing each section and engaging in a general discussion. According to an official statement, the committee had previously invited feedback and suggestions from experts, industry associations, organizations, and stakeholders regarding the bill, with submissions accepted until November 4.

The IBC (Amendment) Bill proposes several structural and procedural changes to the Insolvency and Bankruptcy Code (IBC) of 2016, which has been sent to the committee for thorough examination. The amendments aim to introduce new concepts, including the Creditor-Initiated Insolvency Resolution Process (CIIRP), which is designed to enhance efficiency in both resolution and liquidation phases.

Under the current law, applications for initiating corporate insolvency resolution must be accepted within 14 days, but the process typically takes an average of 434 days. To address this delay, the bill proposes an amendment to Section 7 of the IBC, allowing acceptance only in cases of default. The bill also suggests various reforms to streamline the Corporate Insolvency Resolution Process (CIRP), including expanding the definition of resolution plans to permit asset sales, limiting the role of corporate applicants in proposals by resolution professionals, clarifying the priority of government dues, and imposing stricter controls on the withdrawal of CIRP applications. In addition to Panda, 23 other MPs are part of the committee reviewing the bill.