Section 22 in Punjab Apartment and Property Regulation Rules, 1995
22. Release of Bank Guarantee.
- After the layout and the development works in a colony have been completed, and a completion certificate in respect thereof has been issued the competent authority may, on an application in this behalf from the promoter, release within a period of three months of the date of application, the bank guarantee furnished by the promoter after adjusting the amount incurred by the competent authority under sub-section (13) of section 5. [Sections 45(2)(w).]Provided that one-fifth of the bank guarantee shall be kept unreleased to ensure the upkeep and maintenance of the colony for a period of five years from the date of issue of the completion certificate or till such time, as the promoter is relieved of the responsibilities in this behalf, by the State Government or a local authority, as the case may be, whichever is earlier.
