BJP MPs Jaswant Singh, Yashwant Sinha, Dharmendra Pradhan and Ravi Shankar Prasad walked out of the meeting which was expected to finalise the list of persons who shall depose before the Committee.
"It is a kangaroo court, so we came out," one BJP member said.
BJP has been wanting Prime Minister Singh and Finance Minister P Chidambaram to depose before the Committee, a demand strongly opposed by Congress.
The JPC has 30 members -- 20 from Lok Sabha and 10 from Rajya Sabha -- representing different parties.
The Committee is chaired P C Chacko, a leader of Congress party which has 10 other members in it.