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of <h1>Electricity Act vs. IBC: Tribunal Rules Electricity Dues Follow IBC Waterfall for Operational Creditors in Liquidation.</h1> A legal conflict arose between the Electricity Act, 2003, and the Insolvency and Bankruptcy Code, 2016, regarding the priority of electricity dues in the liquidation process of a corporate debtor. Paschimanchal Vidyut Vitran Nigam Limited (PVVNL), an electricity supplier, claimed priority over the debtor's assets due to unpaid dues, arguing that the Electricity Act should override the IBC. However, the National Company Law Appellate Tribunal categorized PVVNL as an 'operational creditor' under the IBC, subjecting its claims to the IBC's waterfall mechanism. The case underscores the challenge of reconciling sector-specific laws with general insolvency legislation.
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