BOSTON--The Massachusetts House of Representatives yesterday refused to revive Governor Edward J. King's bill reorganizing and bailing out the bankrupt Massachusetts Bay Transportation Authority (MBTA), while a pending court order could end King's emergency takeover of the system.

The House voted 84-46 to defeat King's proposal to circumvent the MBTA Advisory Board, which has refused to appropriate funds to keep the trains and buses operating through December 31.

The board is suing to halt King's takeover, and a Superior Court hearing is scheduled for today. An order to halt transit service could also come today.

The MBTA has already run through its $303 million budget for 1980, and King claimed emergency powers Tuesday to continue transit operations after he failed to win legislative approval of his reorganization bill.

The crisis came about after the advisory board, representing the 79 cities and towns in the MBTA service area, refused to in the MBTA service area, refused to approve a $41 million supplemental budget which would enable the system to continue operating.

The House leadership moved to end the special legislative session after King's bill was dead, but members fighting to increase management rights opposed the motion.