Sources said the meeting failed to reach a consensus on the passage of the proposed law with BJP and Left parties conveying that they wanted a discussion on it before it was put for voting.
The Opposition parties also put the onus on the government for ensuring order in the Upper House during a discussion on the measure.
After an hour-long discussion, the ruling party and the Opposition members decided to meet again today after the Question Hour to find a way out of the impasse.
One of the options being considered by the government was a voting in the lobby since the Bill's opponents were expected to create unruly scenes in the House.
The meeting was attended by Leader of Opposition in Rajya Sabha Arun Jaitley, Deputy Leader of BJP in the Upper House S S Ahluwalia, CPI (M) Leader Sitaram Yechury, CPI MP D Raja, Trichi Siva (DMK) and V Maitreyan (AIADMK).