(1) Out of the amount referred to in section 10, the Central Government shall deduct, in the first instance, any amount due frc-m 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.
CHAPTER IV MISCELLANEOUS
12. The provisions of this Ordinance shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any law other than this Ordinance or any decree or order of any court, tribunal or other authority.