A Joint Committee of Parliament has observed that personal ornaments beyond a prescribed limit should not be treated as excluded assets. The Committee on Insolvency and Bankruptcy Code 2015 in its report submitted to Parliament also said that any person adjudged as an undischarged insolvent may also be covered under the definition of bankrupt. The Committee also recommended that provident fund, pension fund and gratuity which provide social safety net of employees should be secured in the event of liquidation of a Company or bankruptcy of partnership firm. The objective of the Code is to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner. To protect the interest of workmen, the committee recommended increase in number of months for payment of dues from 12 to 24 months preceding the commencement of liquidation. The Committee also was against giving any discretionary powers adjudicating authority to exempt bankrupt from the disqualification under the code. It has also favoured insertion of new provisions relating to cross-border insolvency saying the code does not have any provision to deal with such eventualities. The bill was introduced in Lok Sabha on 21st of December last year and was referred to the Joint Committee of both the Houses.