10. The Corporate Debtor has retained ten percent of the contract value to the tune of Rs. 47,37,960/- towards faithful performance of th
Agreement, which was to be replaced by a Performance Bank Guarantee (PBG) after the commissioning of the project. The PBG had a validit
period of twelve months until final acceptance of the project. Clause 9.1 of the Agreement at p.36 of the Petition clearly specifies that the Operationa
Creditor would be entitled to release of the retention amount only after successful deposit of the PBG.
