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of <h1>Section 320 omitted: winding up asset distribution now governed by Insolvency and Bankruptcy Code priorities for company liabilities</h1> Section 320 of the Companies Act, 2013, dealing with distribution of property on winding up, has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15 November 2016. Previously, it mandated that, subject to section 326 on overriding preferential payments, a company's assets in winding up be applied to satisfy its liabilities pari passu and, thereafter, distributed among members according to their rights and interests, unless the articles provided otherwise. Its omission reflects the shift of winding-up and distribution priorities to the insolvency framework.
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