This paper addresses the issue of modeling and verification of a Multi Agent System (MAS) scenario. We have considered an agent based adaptive traffic signal system. The system monitors the smooth flow of traffic at intersection of two road segment. After describing how the adaptive traffic signal system can efficiently be used and showing its advantages over traffic signals with predetermined periods, we have shown how we can transform this scenario into Finite State Machine (FSM). Once the system is transformed into a FSM, we have verified the specifications specified in Computational Tree Logic(CTL) using NuSMV as a model checking tool. Simulation results obtained from NuSMV showed us whether the system satisfied the specifications or not. It has also showed us the state where the system specification does not hold. Using which we traced back our system to find the source, leading to the specification violation. Finally, we again verified the modified system with NuSMV for its specifications.