Sorry for the confusion.
This is not a bug in either gnome-keyring or network manager.
I had started using transmission recently , and since it was among my
startup [auto-launch] apps, transmission would start fast and begin
using the bandwidth _completely_ , not allowing any other app to gain
access to the network.
Once i removed transmission from the startup items , this problem was
solved.
** Changed in: gnome-keyring (Ubuntu)
Status: Incomplete => Invalid
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Slow to release wireless lock in auto-login sessions
https://bugs.launchpad.net/bugs/526898
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