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Each day millions of books, journals and ephemera are being published and to keep track of these books and literature and to provide them to the information seeking community is a herculean task for Academic Libraries. The difference between good or bad data can be explained as to how accurately the information is dispersed to the academic community. In these circumstances, it becomes significant for libraries to collectively come together and help each other by forming a resource sharing model. Across the globe numerous such models have been formed but most of them struggled to thrive on a long run. The present paper discusses the challenges faced by the resource sharing models and the possible solutions to overcome these problems for the smooth functioning of the consortia.