Section 9(1) in The Shipping Development Fund Committee (Abolition) Act, 1986
(1)Where the Central Government issues a notice under section 8 and the shipowner fails to company with such notice, the Central Government may, notwithstanding anything contained in any other law for the time being in force or anything contrary contained in any agreement, deed or other instrument in the nature of any guarantee or counterguarantee, appoint, without intervention of the court, a receiver to detain and take possession of any ship or other assets belonging to the shipowner whether mortgaged, hypothecated or charged, with power to--(i)sell such ship or other assets by public auction notwithstanding anything to the contrary contained in section 51 of the Act;(ii)demand and recover all the income in respect of which he is appointed receiver of any such ship or other assets and to appropriate the same in the discharge of rents, taxes and other dues and outgoings affecting the same and in payment of the liabilities of the shipowner under any mortgage, hypothecation or charge to the Central Government; or(iii)use, operate, charter or lease such ship or other assets to generate incomes, rents or profits to meet the liabilities of the shipowner to the Central Government under the mortgage, hypothecation or charge, and pay the residue, if any, of the money received by him to the person who, but for the appointment of the 1319 receiver, would have been entitled to receive the income of which he is appointed receiver, or who is otherwise entitled to such property.
