Yes Bank seeks Supreme Court review on AT-1 bond write-off
In short
Yes Bank has asked the Supreme Court to review its October 15 order on the write-off of Rs 8,415 crore in AT-1 bonds. The court had upheld a Bombay High Court ruling that set aside the bank’s write-off.
This matters to bondholders because they are now seeking a clear plan to restore the written-off bonds.
What the reporting says
Yes Bank has filed a petition in the Supreme Court seeking a review of the October 15 order that upheld a Bombay High Court ruling quashing its write-off of Rs 8,415 crore in AT-1 bonds. The ruling said the bank’s administrator lacked authority to carry out the write-off. The latest move follows a contempt petition by bondholders asking for a concrete roadmap to restore the bonds.
Why it matters
Yes Bank has moved the Supreme Court to review an October 15 order that upheld a Bombay High Court decision against its write-off of Rs 8,415 crore of AT-1 bonds. The high court said the bank’s administrator lacked authority for the write-off. The filing comes after bondholders submitted a contempt petition seeking a concrete roadmap to restore the bonds, keeping the dispute active for the lender and investors.