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        Companies Law

        Section 320 - Omitted

        Companies Act, 2013
        Part II
        Voluntary winding up

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        Distribution of company assets: provision omitted; previously required pari passu satisfaction of liabilities and member distribution. Section 320 has been omitted by later legislation. Formerly, it required that on winding up assets be applied to satisfy liabilities pari passu, subject to overriding preferential payments, and any remaining surplus be distributed among members according to their rights and interests unless the articles provided otherwise.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Distribution of company assets: provision omitted; previously required pari passu satisfaction of liabilities and member distribution.

                                Section 320 has been omitted by later legislation. Formerly, it required that on winding up assets be applied to satisfy liabilities pari passu, subject to overriding preferential payments, and any remaining surplus be distributed among members according to their rights and interests unless the articles provided otherwise.


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