Section 320 The Companies Act, 2013

Section 320 The Companies Act, 2013

Distribution of Property of Company

Omitted]

Amendment

1. (a) Omitted by Insolvency and Bankruptcy Code, 2016 Dated 15th November, 2016. – Original Content

(b) The MCA Notification No. F.O. 3453(E) Dated 15th November, 2016, enforcing the related sections of Insolvency and Bankruptcy Code, 2016.

Original Omitted Content– 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.