The Corporate Debtor issued a tender on July 14, 2014, for Civil Works in Mercure Hotel, which the Operational Creditor won. A Letter of Intent was issued on October 17, 2014, and subsequently, a Civil Work Agreement was entered into. The agreement stipulated that the Corporate Debtor would pay Rs. 10,32,70,048 for satisfactory work and would retain 5% of the Running Account Bill (RA Bill) as retention money, to be released after one year of virtual completion. Under the Civil Works Agreement, 95% of the RA Bill amount was to be released on a pro-rata basis, and 5% was retention money. Schedule II Clause 1.iii specified a 5% deduction from each RA Bill as retention money, with 1% cash retention released after one year of virtual completion and 4% against a Bank

The Corporate Debtor issued a tender on July 14, 2014, for Civil Works in Mercure Hotel, which the Operational Creditor won. A Letter of Intent was issued on October 17, 2014, and subsequently, a Civil Work Agreement was entered into. The agreement stipulated that the Corporate Debtor would pay Rs. 10,32,70,048 for satisfactory work and would retain 5% of the Running Account Bill (RA Bill) as retention money, to be released after one year of virtual completion. Under the Civil Works Agreement, 95% of the RA Bill amount was to be released on a pro-rata basis, and 5% was retention money. Schedule II Clause 1.iii specified a 5% deduction from each RA Bill as retention money, with 1% cash retention released after one year of virtual completion and 4% against a Bank