https://www.taxtmi.com/caselaws?id=440558 In liquidation, the Insolvency and Bankruptcy Code, 2016 operates as a complete code with an overriding effect under Section 238, so inconsistent recovery mechanisms under the Electricity Act, 2003 and the Uttar Pradesh Electricity Supply Code, 2005 cannot displace the Code's waterfall distribution under Section 53. Secured creditors' rights are governed by Section 52 once liquidation begins. The document also notes that electricity dues treated as a charge on the corporate debtor's assets may amount to a security interest, allowing the distribution licensee to be treated as a secured creditor rather than a government dues claimant for liquidation purposes. en-us Mon, 17 Jul 2023 00:00:00 +0530 Mon, 29 Sep 2025 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440558 In liquidation, the Insolvency and Bankruptcy Code, 2016 operates as a complete code with an overriding effect under Section 238, so inconsistent recovery mechanisms under the Electricity Act, 2003 and the Uttar Pradesh Electricity Supply Code, 2005 cannot displace the Code's waterfall distribution under Section 53. Secured creditors' rights are governed by Section 52 once liquidation begins. The document also notes that electricity dues treated as a charge on the corporate debtor's assets may amount to a security interest, allowing the distribution licensee to be treated as a secured creditor rather than a government dues claimant for liquidation purposes. Case-Laws IBC Mon, 17 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440558