In the Constitution of India, "bankruptcy and insolvency" is included in which list of the Seventh Schedule?

Introduction / Context:
The Constitution of India distributes legislative powers between the Union and the States through three lists in the Seventh Schedule: Union List, State List and Concurrent List. Each subject is allocated to one of these lists. Bankruptcy and insolvency is an important subject because it affects businesses and individuals across the country, and questions on its placement in the constitutional lists are common in polity and economy sections of competitive exams.

Given Data / Assumptions:
- The subject named is bankruptcy and insolvency.
- The question asks in which list of the Seventh Schedule it is placed.
- The options include Union List, State List, a fictitious Global List, Concurrent List and Residuary subjects only.

Concept / Approach:
The Concurrent List contains subjects on which both Parliament and state legislatures can make laws, though central law prevails in case of conflict. Bankruptcy and insolvency, being matters that can have nationwide implications but may also involve state level concerns, are placed in this list. Specifically, they appear as an entry in the Concurrent List of the Seventh Schedule. Therefore, the correct approach is to identify that this subject is not exclusively Union or State but shared.

Step-by-Step Solution:
Step 1: Recall that the Seventh Schedule has three lists: Union, State and Concurrent. Step 2: Remember that criminal law, marriage and divorce, transfer of property, contracts and bankruptcy and insolvency are classic examples given for the Concurrent List. Step 3: Notice that there is no official Global List in the Constitution; this option is clearly a distractor. Step 4: Recognise that bankruptcy and insolvency are not exclusively under the Union or State List; they are shared subjects in the Concurrent List. Step 5: Select Concurrent List as the correct answer.

Verification / Alternative check:
Reading the text of the Seventh Schedule or a standard polity textbook shows that bankruptcy and insolvency is explicitly mentioned under the Concurrent List. The entry is often listed along with subjects like contracts, criminal law and trusts. This direct reference in the constitutional text is the strongest confirmation of the correct answer.

Why Other Options Are Wrong:
Union List: Contains subjects reserved for Parliament alone, such as defence, foreign affairs and currency, but bankruptcy and insolvency are not exclusively placed here.
State List: Contains subjects like police, public order and local government; bankruptcy and insolvency are not confined to state competence alone.
Global List: This is not a real constitutional category and is included only to confuse candidates.
Residuary subjects only: Residuary powers refer to topics not mentioned in any list; bankruptcy and insolvency are specifically mentioned, so they are not residuary subjects.

Common Pitfalls:
A common mistake is to assume that all economic and financial subjects must lie in the Union List because of their national importance. Another pitfall is to think that the presence of new laws like the Insolvency and Bankruptcy Code automatically shifts the subject to the Union List, which is not the case. Remembering the examples associated with the Concurrent List helps prevent these errors.

Final Answer:
In the Constitution of India, bankruptcy and insolvency are included in the Concurrent List of the Seventh Schedule.