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2022 (1) TMI 711 - Tri - Insolvency and BankruptcyRelease of retention money as per the Contract Agreement - Section 60(5) of Insolvency and Bankruptcy Code, 2016 Read with Rule 11 and 13 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- It is clear from the arguments made by the counsel for the Applicant that the contract that assigned to the Corporate Debtor was executed and certificate was issued to that effect with regard to defect liability period extended up to 30.06.2022. The counsel for the Applicant draws the attention of the Tribunal to the notification dated 03.06.2020 wherein it is notified that retention money from the period 3 months but paid to 6 months, may not be deducted from the raised bills. In view of the said notification the application is allowed and Applicant would be entitled for the refund of retention money. The Respondent No. 2 shall release the retention money of ₹ 2,62,74,514/- forthwith. Petition disposed off.
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