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        IBC

        Section 249 - Amendments of Act 51 of 1993.

        Insolvency and Bankruptcy Code, 2016
        Part V
        MISCELLENEOUS

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        Recovery of Debts Act amendment aligns bank and financial creditor remedies with Insolvency and Bankruptcy Code's framework. 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.
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                      Provisions expressly mentioned in the judgment/order text.

                          Recovery of Debts Act amendment aligns bank and financial creditor remedies with Insolvency and Bankruptcy Code's framework.

                          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.


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