In doing so, the court provided relief to bondholders who had $1.04 billion of exposure to these bonds.
Bombay:
The Bombay High Court in an oral ruling on Friday overturned the write-down of Additional Tier 1 Bonds (AT1) issued by Yes Bank Ltd, sources with direct knowledge of the matter said.
The final order has yet to be uploaded to the court’s website.
These bonds were written off on March 13, 2020 by the Reserve Bank of India (RBI) and an administrator of Yes Bank, as part of a restructuring plan to rescue the bank.
With this, the court provided relief to bondholders who had an exposure of 84.5 billion rupees ($1.04 billion) to these bonds.
“The Bombay High Court had granted the bondholders’ petition against the write-off and the decision to write-off the AT1 bonds has been overturned,” said Srijan Sinha, a lawyer appearing on behalf of the bondholders’ association.
“The Court has given Yes Bank 6 weeks to carry out the order.”
Yes Bank did not immediately comment on the order.
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