Is Baijayant Panda Leading the Select Committee on the Insolvency and Bankruptcy Code Bill?
Click to start listening
Synopsis
In a pivotal move, the Lok Sabha has established a select committee, chaired by Baijayant Panda, to scrutinize the Insolvency and Bankruptcy Code (Amendment) Bill, 2025. This committee aims to enhance the efficiency of insolvency resolutions amid evolving economic challenges, reflecting a commitment to robust financial reform.
Key Takeaways
- The Lok Sabha has formed a select committee for the Insolvency and Bankruptcy Code Bill, 2025.
- Baijayant Panda is the Chairperson of the committee, overseeing its diverse membership.
- The committee will utilize AI tools for data analysis and outcome simulation.
- Expertise from various fields will be critical in shaping the bill's provisions.
- The committee's work is essential for effective financial reform in India.
New Delhi, Oct 1 (NationPress) The Lok Sabha has formed a select committee to review the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, with senior MP Baijayant Panda appointed as its Chairperson.
This 24-member committee includes a diverse group of lawmakers from various parties, featuring notable members such as Supriya Sule, Mahua Moitra, Karti P Chidambaram, Biplab Kumar Deb, and Dr CN Manjunath.
The Insolvency and Bankruptcy Code (IBC), introduced in 2016, represents a groundbreaking reform aimed at optimizing the resolution of corporate distress and individual insolvency. It establishes a time-sensitive framework for resolving insolvency issues, maximizing asset value, and enhancing credit discipline.
The 2025 amendment bill aims to refine existing provisions, address procedural gaps, and boost the efficiency of resolution mechanisms in response to changing economic realities.
The mandate of the Select Committee is to analyze the bill clause-by-clause, evaluate its effects on stakeholders, and propose enhancements. Utilizing AI-powered legislative tools, the panel will examine data from previous insolvency cases, simulate outcomes under the proposed modifications, and assess the bill's compatibility with international best practices.
This technology-driven methodology is anticipated to enhance the accuracy and timeliness of the parliamentary review process.
Chairperson Baijayant Panda brings a wealth of legislative experience and policy insight to this role. Under his guidance, the committee is expected to consult industry experts, legal scholars, and financial institutions to ensure that the bill addresses practical needs while protecting public interests.
The committee boasts members with expertise in law, finance, and governance, including Dr D Purandeswari, Dr Sanjay Jaiswal, and Dr Shrikant Eknath Shinde. Their knowledge will be vital in navigating complex issues related to cross-border insolvency, pre-packaged resolution schemes, and creditor rights.
The panel’s discussions will play a crucial role in shaping the future of India’s insolvency framework, particularly as the economy faces challenges related to post-pandemic restructuring and increasing corporate debt.
The committee is expected to present its findings in the upcoming session, paving the way for informed discussions and legislative progress. This initiative highlights Parliament’s dedication to comprehensive financial reform and the growing significance of data-driven policymaking in India’s legislative landscape.
Point of View
The establishment of the select committee led by Baijayant Panda reflects a proactive approach towards navigating the complexities of insolvency law in India. It is crucial that this committee engages with diverse stakeholders to ensure that reforms meet the needs of both businesses and individuals, ultimately fostering a healthier economic environment.
NationPress
01/10/2025
Frequently Asked Questions
What is the purpose of the Insolvency and Bankruptcy Code (Amendment) Bill, 2025?
The bill aims to refine existing provisions, address procedural gaps, and enhance the efficiency of insolvency resolution mechanisms, aligning them with evolving economic conditions.
Who chairs the select committee on the Insolvency and Bankruptcy Code Bill?
Senior MP Baijayant Panda has been appointed as the Chairperson of the select committee.
What is the significance of the select committee's work?
The committee's analysis and recommendations will be pivotal in shaping India's insolvency landscape, especially in the context of rising corporate debt and post-pandemic challenges.
How will the committee utilize technology in its review process?
The committee plans to use AI-powered legislative tools to analyze past insolvency data, simulate outcomes under proposed changes, and evaluate the bill against global best practices.
When is the committee expected to submit its report?
The select committee is anticipated to submit its report in the upcoming parliamentary session.
