AIR 2023 SC 3501 ::AIROnline 2023 SC 553 ::2023 (10) Scale 109 ::2023 (10) SCC 60 ::2023 (5) Mad LJ 28

Supreme Court Of India

Hon'ble Judge(s): S. Ravindra Bhat, Dipankar Datta , JJ

(A) Insolvency and Bankruptcy Code (31 of 2016) , S.53(1)(e)(i)(f)— Electricity dues owed by corporate debtor - Claim for - By virtue of provisions of Supply Code and stipulations in the agreement between the parties, a charge was created on the assets of the corporate debtor - Appellant was a secured creditor and its claim would be classified in order of priority prescribed under S.53 of IBC i.e. as per waterfall mechanism - Held, dues or amounts payable to appellant did not fall within the description of Section 53(1)(f) of the IBC - Directions issued to DM to release property in favour of the liquidator of corporate debtor for enabling its sale, and after realisation of its value, for distributing the proceeds in accordance with the provisions of IBC, proper AIR 2022 SC 4141-Distinguished (Para 27 42 43 44 47 57) (B) Insolvency and Bankruptcy Code (31 of 2016) , S.238— Electricity Act (36 of 2003) , S.173, S.174— Primacy of laws - S.238 of IBC overrides the provisions of Electricity Act despite the latter containing two specific provisions under Ss.173, 174, which open with non-obstante clauses. AIR 2019 SC 5472-....