(1) The provisions of this Chapter shall apply to any person referred to in section 162 who seeks to limit his liability before the High Court or seeks to procure the release of a vessel or other property or the discharge of any security given within India but shall not apply to any person who does not have---
(a) habitual residence in India; or
(b) principal place of business in India; or
(c) any vessel in relation to which the right of limitation is invoked or whose release is sought and which does not fly the flag of a State which is a party to the Convention on Limitation of Liability for Maritime Claims,
at the time of invocation of the provisions of this Chapter.
(2) The provisions of this Chapter shall not apply to air-cushion vehicles or floating platforms constructed for the purpose of exploring or exploiting the natural resources of the sea-bed or the sub-soil thereof.