Opposition Congress party lawmaker Shashi Tharoor said the information technology committee he heads in Parliament will take up the findings of the Aug. 14 report in The Wall Street Journal.
Since coming to power in 2014, Modi's party has increasingly used Facebook to reach voters across India.
The party has vastly outspent its main opposition, the Congress party, on social media ads.
Panda and other BJP leaders said the allegation that Facebook was giving the governing party preferential treatment stemmed from the once-dominant Congress party's political misfortunes in recent years.
The Congress party denied the whistleblower's allegation.