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<h1>Recovery of Debts Act amendment aligns bank and financial creditor remedies with Insolvency and Bankruptcy Code's framework.</h1> Section 249 amends the Recovery of Debts due to Banks and Financial Institutions Act, 1993 by making the changes set out in the Fifth Schedule to align the debt-recovery framework for banks and financial institutions with the Insolvency and Bankruptcy Code, 2016, and provides for commencement by the notifying instrument referenced in the Insolvency Section.