FILE PHOTO: Yes Bank has approached the Supreme Court seeking a review of its judgment overturning the ₹8,415-crore AT-1 bond write-off.
| Photo Credit:
AINNIE ARIF
India’s Yes Bank on Friday
said it has filed a petition in the country’s apex court seeking
a review of the court judgment that set aside the write-off of
84.15 billion rupees ($893.81 million) of its additional tier-1
bonds.
* The move comes days after Axis Trustee Services, acting on
behalf of the bondholders, filed a contempt petition in the
Supreme Court alleging the lender’s failure to provide a
“concrete roadmap” for restoring the bonds and implementing the
court’s judgment
* Last month, the Supreme Court dealt a blow to Yes Bank by
upholding a Bombay High Court ruling setting aside the write-off
of its AT-1 bonds.
* Yes Bank, in which Japan’s Sumitomo Mitsui Banking
Corporation now holds a 24% stake, was declared insolvent six
years ago
* New investors were brought in under a restructuring
scheme, and its AT-1 bonds were written off
* In its October order, the court said the bank’s
administrator had acted under the “erroneous impression” that he
retained the power to write down the bonds after the
restructuring scheme was finalised, ruling that the write-off
was “impermissible”
* Following that ruling, Reuters had reported that Yes Bank
was unlikely to pay coupons due on the AT-1 bonds this year and
planned to seek a review of the decision
* AT-1 bonds are high-risk debt instruments offering higher
returns but can be written off or converted into equity when a
bank comes under financial stress
Published on November 13, 2026
