§ 119. Reorganization of public utility corporations under the national bankruptcy act. Upon determining, after hearing and investigation, that the outstanding liabilities of a public utility corporation exceed its assets and that the public interest requires that such corporation be reorganized in order to enable it to make necessary improvements and additions to its property and facilities, and in order to enable it to render adequate public service at reasonable rates, or otherwise to promote the public interest, and that the officers and directors of the corporation have failed and neglected to cause the corporation to be reorganized, the commission may, by order, direct the officers and directors of the corporation to file a petition, under the provisions of the act of congress of July first, eighteen hundred ninety-eight, entitled "An act to establish a uniform system of bankruptcy throughout the United States," as amended, for the reorganization of the corporation, and to perform such other acts and to take such proceedings as may be required in such reorganization proceeding. Upon the failure or refusal of the officers or the directors of the corporation to comply with the said order, the commission may institute a summary proceeding in the supreme court for the enforcement thereof, in accordance with the procedure provided in this chapter for the enforcement of orders of the commission.