No. Once you are handed the Release Order issued by the competent authority as per the direction of the Education department it means you no longer remain within the jurisdiction of the issuing authority. Again, it also means that your name has already been sent to the new school and your existing vacancy has been allocated for the further proceedings required for fresh recommendation for that particular vacancy. And, I don’t think any such provision has been maintained either by the Department.
If the Release Order has been issued and you have accepted it and, of course the same intimation has not been sent to the DI, you may request the Secretary of the MC and HM to allow you to withdraw you application for Release Order. If they agree, you are in good position to withdraw the same. But remember, you will never have further opportunity to opt for General Transfer in future.