27. Rights of mortgagee
Where there is only one registered mortgagee of a vessel or share, he shall be entitled to recover the amount due under the mortgage by selling the mortgaged vessel or share without approaching the High Court:
Provided that nothing contained in this sub-section shall prevent the mortgagee from recovering the amount so due in the High Court as provided in sub-section (2).
Where there are two or more registered mortgagees of a vessel or share, they shall be entitled to recover the amount due under the mortgage in the High Court, and when passing a decree or thereafter the High Court may direct that the mortgaged vessel or share be sold in execution of the decree.
Every registered mortgagee of a vessel or share who intends to recover the amount due under the mortgage by selling the mortgaged vessel or share under sub-section (1) shall give a notice relating to such sale to the Registrar of Indian vessel’s port of registry in such form as may be prescribed.
The notice under sub-section (3) shall be accompanied with the proof of payment of the wages due to the seafarers in connection with their employment on that vessel.