Section 320 of Companies Act, 2013

320. Distribution of property of company

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.

Complete: companies-act-2013