Konkan Passenger Ships (Acquisition) Act : AMOUNT DUE TO THE SHIPPING DEVELOPMENT FUND COMMITTEE TO BE

Konkan Passenger Ships (Acquisition) Act,1973

Act No : 62

Section : AMOUNT DUE TO THE SHIPPING DEVELOPMENT FUND COMMITTEE TO BE DEDUCTED IN THE FIRST INSTANCE

SECTION 11: AMOUNT DUE TO THE SHIPPING DEVELOPMENT FUND COMMITTEE TO BE DEDUCTED IN THE FIRST INSTANCE

(1) Out of the amount referred to in section 10-, the Central Government shall deduct, in the first instance, any amount due from the company to the Shipping Development Fund Committee in relation to the Konkan passenger ships and shall pay the sum so deducted to that Committee, and on such payment, the liability of the company in relation to the said ships shall, to the extent of such payment, stand discharged.

(2) The deductions referred to in sub-section (1) shall have priority over all other creditors, whether secured or unsecured.