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Please help me with the enquiry.

Read in news that children of parents who are having ILR can apply for british passport is that correct? if then is there any time limit to apply for the passport ? for eg can apply only after 1 month or anything like that?
also how long it takes to get a passport ? is tere any special service like same day collection or with in a week something like that?

if possible please help me with the process.

kind regards

Assuming that child was born in the UK:

If child was born after a parent has settlement/PR, then child will automatically be British (1(1)(b)).
If child was born before a parent has settlement/PR, then immediately after a parent is granted settlement/PR, their child is entitled to register for British citizenship (Section 1(3)).

British citizens may apply for British passports at anytime.