The judicial probe will be headed by a retired judge of the Punjab and Haryana High Court.
The decisions were taken at a high-level meeting chaired by Chief Minister Bhupinder Singh Hooda here this evening after two rounds of talks with farmers' representatives of the area.
The state government also decided to stay the further land acquisition proceedings till the two committees submit their reports.
While state Industries Minister Randeep Singh Surjewala will head the government Committee, which will also have Health Minister Rao Narender Singh and other officials as its members, the farmers will decide their 11 committee members.
The farmers' committee will also deliberate with the state government committee and the report would be submitted to the Chief Minister.
Hooda, Surjewala and Haryana government officials participated in the meeting with the farmer