A receiver of wreck may at any time sell any wreck in his custody if, in his opinion,--
         (a) it is under the value of five hundred rupees; or
         (b) it is so much damaged or of so perishable a nature that it cannot with advantage be kept; or
         (c) it is not of sufficient value for warehousing;
and the proceeds of the sale shall, after defraying the expenses thereof, be held by the receiver for the same purposes and subject to the same claims, rights and liabilities as if the wreck had remained unsold.