Liquidation under the Insolvency Code bars separate asset recovery, requiring creditors to prove claims before the liquidator.

After a liquidation order under the Insolvency and Bankruptcy Code, 2016, creditor recovery must proceed through the liquidation framework, with claims lodged before the liquidator and assets led by the liquidator for statutory distribution. The electricity authority could not continue independent attachment or auction of the corporate debtor's properties outside that process. The Code's express overriding provision, as a later enactment, prevails over inconsistent recovery measures under the Electricity Act, 2003 to the extent of conflict. The electricity authority's dues remain provable in liquidation, but separate enforcement against the corporate debtor's assets is barred once liquidation commences.

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Issues: Whether, after a liquidation order under the Insolvency and Bankruptcy Code, 2016, the electricity authority could continue recovery by attachment and auction of the corporate debtor's properties, or whether its remedy was to lodge its dues before the liquidator; and whether the Insolvency and Bankruptcy Code, 2016 overrides the Electricity Act, 2003 to the extent of inconsistency.

Analysis: The liquidation scheme under the Insolvency and Bankruptcy Code, 2016 requires the liquidator to take control of the liquidation estate, verify and consolidate claims, and distribute proceeds in the statutory order of priority. Once a liquidation order is passed, no separate suit or legal proceeding lies against the corporate debtor, and the liquidator is the authority before whom creditors must submit their claims. The Code contains an express overriding provision, and being a later parliamentary enactment, it prevails over any inconsistent earlier law, including the Electricity Act, 2003 and the recovery mechanism under that Act. The electricity authority's dues may be proved in the liquidation process, but independent attachment or auction of the corporate debtor's assets cannot continue outside the insolvency framework.

Conclusion: The electricity authority could not proceed with attachment or auction of the corporate debtor's assets and had to file its claim before the liquidator. The Insolvency and Bankruptcy Code, 2016 prevails over the Electricity Act, 2003 to the extent of any inconsistency, and the challenge to the liquidation order failed.

Ratio Decidendi: In liquidation, a later insolvency code with an express overriding clause displaces inconsistent recovery rights under earlier statutes, and all creditor claims against the corporate debtor must be pursued within the liquidation process before the liquidator.

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