I participated in Govt. Tender & Letter of Award was isued in my favor & as per terms of this award letter i also submitted 10% amount as a Fixed Deposit purchased from Punjab National bank pledged in favor of tendering authority as a Performance Security deposit ,which is essential to get Work Order.
After issuing letter of award concern department also issued Site Handover Letter & as per terms of Award Letter work was executed successfully for 730 days. (Log book duly signed by deparment during this period in all our service visits is/was also mantained.
Now the problem is this that Department denies & says that we had not submitted requisite 10% amount PSD & not issuing work order (Without work order payment cannot be made).It seems that it is missing during the process in department & we also donot have any acknowledment for the same,later on department also issued after six months a letter to us to submitt PSD amount which we ignored as it was already submitted well in stipulated time.
As per rule PSD amount can be submitted either as a Bank Guarantee or Fixed deposit lien to concern department, which can not be incashed without their consent due to pledged status
Now the question is , if the PSD amount is liened with concerned department & may be confirmed with the said bank & after getting confirmation they may issue work order or not.
Is their any decision of any court regarding same matter.
Pls advise.
