Kolambkar was appointed pro tem Speaker by Governor Bhagat Singh Koshyari on Tuesday evening.
The newly-elected members could not take oath even a month after results of the Assembly polls were announced due to dramatic political developments in the state.
The state remained under President's rule from November 12 to 23 after no political party was able to form a government.
The Supreme Court on Tuesday asked Koshyari to appoint a pro tem speaker and ensure all elected members of the House are sworn in on Wednesday itself by 5 pm.
The BJP-led government, which was formed with the support of NCP leader Ajit Pawar on November 23, collapsed on Tuesday afternoon, after Pawar stepped down as deputy chief minister and Devendra Fadnavis as chief minister.
The 'Maha Vikas Aghadi' comprising the Shiv Sena, the NCP and the Congress, on Monday submitted a letter claiming support of 162 MLAs to the governor.
The NCP has announced that Shiv Sena chief Uddhav Thackeray would be the next chief minister of Maharashtra. He will be sworn in CM on Thursday evening at Shivaji Park in Dadar, the place where his party holds traditional Dussehra rally each year.