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Rs 8,000-crore YES Bank AT1 bond write-off set aside by Bombay HC

Order stayed for six weeks; bank may approach SC

Subrata Panda Mumbai
YES Bank
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The Bombay High Court on Friday set aside YES Bank’s erstwhile administrator’s decision to write down additional tier 1 (AT1) bonds worth over Rs 8,000 crore held by bondholders and retail investors.
The court, however, stayed the order for six weeks, which the bank will likely use to approach the Supreme Court on this issue. However, the bondholders, including Axis Trustee Services, in all likelihood will oppose the stay being continued for more than six weeks, said people aware of the development. 
A two-judge Bench of acting Chief Justice S V Gangapurwala and Justice S M Modak upheld the plea filed by Axis Trustee Services and others challenging the administrator’s move to write down the perpetual bonds of the bank. Axis Trustee had moved the Bombay High Court back in 2020 against the administrator’s decision.
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First Published: Jan 20 2023 | 9:04 PM IST

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