Finance Minister Arun Jaitley said the Joint Parliamentary Standing Committee has cleared the Bankruptcy and Insolvency Code and is likely to be discussed in the current Budget Session of Parliament. Addressing the second meeting of the Consultative Committee on Non Performing Assets , NPAs, Mr Jaitley said the government is taking various steps, including introduction of Bankruptcy Law in the Lok Sabha, to deal with the problem of mounting bad loans.The Minister said, government has taken various measures to deal with the issue of NPAs in Banking Sector especially in case of Public Sector Banks. He said there are two categories of defaulters, those who are unable to pay back due to economic slowdown and other reasons outside their control as well as wilful defaulters. Mr Jaitley said the government has taken various measures to deal with both these categories of defaulters. He further said in order to deal with default due to economic slowdown, government has taken various measures to revive the stressed sectors which include steel, textiles, power and roads.Later the Members of the Consultative Committee gave their suggestions with regard to recovery of loans and bringing NPAs under control. Members suggested that there is need for bringing more transparency in the system and list of all the defaulters whose loans have been written off by the Public Sector Banks to be made public. They asked for exemplary action against the wilful defaulters so that others do not indulge in similar activities