Describe the procedure mentioned under Section 53 of Insolvency and Bankruptcy Code (IBC), 2016 for distribution of assets.

Section 53 of the Insolvency and Bankruptcy Code, 2016, provides for the manner of distribution of assets in case of liquidation and order of priority of distribution. It is pertinent to note that this order of priority is notwithstanding anything contrary which is contained in any other Central or State law. This order of priority is also known as the "waterfall arrangement" since each of category of persons comes in priority after the previous one. "Notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from the sale of the liquidation assets shall be distributed in the following order of priority and within such period and in such manner as may be specified: Insolvency resolution process costs and liquidation costs paid in full; Following debts shall rank equally between and among the following: Workmen's dues for the period of 24 months preceding the liquidation commencement date; Debts owed to secured creditor in the event such secured creditor has relinquished security under section 52; Wages and any unpaid dues owed to employees other than workmen for the period of 12 months preceding the liquidation commencement date; Financial debts owed to unsecured creditors; Following dues shall rank equally between and among the following: Any amount due to the Central and the State Government including amount to be received on account of Consolidated Fund of India and Consolidated Fund of a State, if any, in respect of whole or any part of the period of two years preceding the liquidation commencement date; Debts owed to a secured creditor for any amount unpaid following enforcement of security interest; Any remaining debts and dues; Preference shareholders, if any; and Equity shareholders or partners, as the case may be. Any contractual arrangements between recipients above with equal ranking, if disrupting the order of priority shall be disregarded by the liquidator. The fees payable to the liquidator shall be deducted proportionately from proceeds payable to each class of recipients and proceeds to the relevant recipient shall be distributed after such deduction.