What is Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company What is distribution of property of company Section 319 and 320 of Indian Companies Act 2013

Current legal status: Sections 319 and 320 of the Companies Act, 2013 are omitted provisions. Both were omitted with effect from 15 November 2016 by section 255 read with the Eleventh Schedule to the Insolvency and Bankruptcy Code, 2016.

These sections formed part of the former voluntary winding-up framework. Section 319 dealt with the power of a Company Liquidator to accept shares or similar interests as consideration for sale of company property, while section 320 dealt with distribution of company property. They should now be read as historical provisions rather than as presently operative sections.

Historical scope and present status

Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company and Distribution of property of company are defined under Section 319 and 320 of Indian Companies Act 2013. Provisions under this Section is:

Section 319 of Indian Companies Act 2013 "Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company"

[Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company.] Omitted by s. 255 and the Eleventh Schedule, ibid.(w.e.f. 15-11-2016).

Section 320 of Indian Companies Act 2013 "Distribution of property of company"

[Distribution of property of company.] Omitted by s. 255 and the Eleventh Schedule, ibid. (w.e.f. 15-11-2016).