Chairperson of the Select Committee of Lok Sabha Baijayant Panda presented the Report on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 to the Lok Sabha yesterday. The Bill had been introduced in the Lok Sabha in August this year and referred to the Select Committee for examining the Bill and submitting its report to the Parliament. In its recommendations, the Committee has proposed fixing a three-month time limit for the National Company Law Appellate Tribunal (NCLAT) to decide insolvency appeals. This would require an amendment to the relevant section of the Code.

The Committee recommended that the definition of the term ‘service provider’ be suitably modified to include ‘registered valuer’ to the list of entities that are provided under the IBC, and the definition for ‘registered valuer be suitably inserted. The Committee also suggested that to maintain coherence, appropriate references to ‘registered valuer’ be included where the term service provider is used in the Amendment Bill and at all relevant places where it has a consequential effect. On the corporate insolvency resolution process (CIRP), the committee proposed widening the definition of a resolution plan to allow more than one resolution plan for a corporate debtor undergoing CIRP