Insolvency Law Committee to review implementation of the Insolvency and Bankruptcy Code and recommend procedural reforms within a fixed timeline. An Insolvency Law Committee comprising government officials, regulators, bankers, industry and professional representatives is constituted to review the operation of the Insolvency and Bankruptcy Code, 2016, identify issues affecting corporate insolvency resolution and liquidation, and make recommendations to improve procedural efficiency and implementation. It may co-opt experts and consult stakeholders; non-official members may receive allowances if their sponsors do not cover expenses, with secretarial support from the Ministry of Corporate Affairs/IBBI, and must submit recommendations within a prescribed timeline.