The contentSize was not being automatically Adjusted in ios6.
Overiding following method in VerticallyCenteredFlowLayout
Class fixed the issue
-(CGSize)collectionViewContentSize {
CGSize size = [super collectionViewContentSize];
if (size.height < MIN(_maxHeight,self.collectionView.frame.size.height)) {
size.height = MIN(_maxHeight,self.collectionView.frame.size.height);
}
return size;
}