Section 320 of the Companies Act, 2013: Distribution of property of company

The Companies Act, 2013

Chapter– XX Winding Up 

Part II- Voluntary Winding Up 

Section 320: Distribution of property of company.

320. 1[Omitted]


Reference

1. Omitted by the Eleventh Schedule (Sec. 255) to the Insolvency and Bankruptcy Code, 2016, w.e.f. 15.11.2016[S.O. 3453(E) dated 15.11.2016]. Prior to omission, the section stood as under:

320. Subject to the provisions of this Act as to overriding preferential payments under section 326, the assets of a company shall, on its winding up, be applied in satisfaction of its liabilities pari passu and, subject to such application, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.”

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