New Delhi [India], October 2 : Lok Sabha Speaker Om Birla has constituted the Select Committee on the Jan Vishwas (Amendment Of Provisions) Bill, 2025 and BJP MP Tejasvi Surya has been appointed its chairperson.
Other members of the committee are Praveen Khandelwal, Damodar Agarwal, Mukeshkumar Chandrakaant Dalal, Konda Vishweshwar Reddy, Ramesh Awasthi, Malvika Devi, Khagen Murmu, Suresh Kumar Kashyap, Dr. Kirsan Namdeo, Robert Bruce C, Ujjwal Raman Singh, Manoj Kumar, Puspendra Saroj and Narayandas Ahirwar.
NK Premachandran, Dr T Sumathy Alias Thamizhachi Thangapandian, Sribharat Mathukumilli, Dhairyasheel Sambhajirao Mane, Kalyan Banerjee, Ramprit Mandal, Rajesh Verma, Tatkare Sunil Dattatrey and S Venkatesan are other members of the Committee.
Commerce and Industry Piyush Goyal had introduced the Jan Vishwas (Amendment of Provisions) Bill, 2025 in Lok Sabha during the monsoon session of Parliament.
This exercise builds on the success of the Jan Vishwas (Amendment of Provisions) Act, 2023 -- the first consolidated legislation to systematically decriminalise minor offences across multiple Acts. The 2023 Act decriminalised 183 provisions in 42 Central Acts administered by 19 Ministries/Departments.
The 2025 Bill expands this reform agenda to cover 16 Central Acts administered by 10 Ministries/Departments. A total of 355 provisions are proposed to be amended -- 288 provisions decriminalised to foster Ease of Doing Business, and 67 provisions proposed to be amended to facilitate Ease of Living.
Jan Vishwas (Amendment of Provisions) Bill, 2025 also proposes 67 amendments under New Delhi Municipal Council Act, 1994 (NDMC Act) and Motor Vehicles Act, 1988 to facilitate Ease of Living.
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.
Lok Sabha Speaker also 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.