The committee, headed by AAIB's deputy director R S Passi, has been asked to submit its report within six months, according to government notification issued this week.
The AAIB Assistant Director Jasbir Singh Largha and Nitin Anand, Pool of Experts at the Bureau would be the members and operational member of the committee, it said.
"It appears to the central government that it is expedient to investigate and determine the causes and contributory factors leading to the said accident and make recommendations to avoid recurrence of such accidents in future," the notification said.
There were 154 passengers and seven crew members onboard when the Boeing 737 aircraft turned a full 360 degree on the runaway, veered towards the soft land, damaging the landing gear in the convulsive process around 5 AM on December 27 last year.
The aircraft's nose cone sat on the grass about 250-300 metres away from the runway, indicating the seriousness of the accident.