When CLK is 'high',
“Tr2” and “Tr4” turns ON. Hence, input 'Qm' (which is 'D' input from previous 'low' CLK) is latched to output 'Q' of negative latch, through 'Tr4' and 'Inv6'
'Inv2, Inv3' holds the 'Qm' state of master negative latch
Clk-Q delay is the time needed to propagate 'Qm' to 'Q'. Note, that 'D' (or 'Qm' from low 'CLK') was stable till output of
'Inv5'. So the time required, to propagate is 1 transmission gate delay + 1 inverter delay
Clk-Q delay = 1 transmission gate delay + 1 inverter delay
Hold Time is the time for which 'D' input remain valid after clock edge. In this case, 'Tr1' is OFF after rising 'CLK'. So, 'D' is allowed to change OR can change, immediately after rise 'CLK'
edge. So Hold time is 'zero'
Hold Time = 'zero'
And here we go, we just beat the dead horse down :)
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Thanks
VSD Team (http://vlsisystemdesign.com/)