Distribution of Property of Company
1[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.]
Amendment
1. Omitted by vide MCA Notification number F.O. 3453 (E) Dated 15th November, 2016 |