New Delhi, Nov. 27 -- India's nine-year-old Insolvency and Bankruptcy Code (IBC) is set to see its biggest reform yet in the upcoming parliament session, with a select committee of the Lok Sabha holding consultations with government ministries on Thursday before finalising its report, three persons familiar with the development said.

The Union ministries of corporate affairs, and housing and urban affairs were part of Thursday's meeting with the parliamentary committee, led by Bharatiya Janata Party's Lok Sabha member Baijayant Panda.

A revised bill based on the select committee's report is likely to be tabled in Lok Sabha either in the second or third week of December, after the government secures cabinet approval, paving the way for t...