With this, the court granted relief to bondholders who had an exposure of $1.04 billion in these bonds.
Mumbai:
The Bombay High Court, in an oral judgment on Friday, set aside the write-off of Additional Tier 1 (AT1) bonds issued by Yes Bank Ltd, legal sources with direct knowledge of the matter said.
The final order is yet to be uploaded on the website of the court.
These bonds were underwritten by the Reserve Bank of India (RBI) and a Yes Bank administrator on March 13, 2020, as part of a restructuring plan to rescue the bank.
With this, the court gave relief to bondholders who had an exposure of 84.5 billion rupees ($1.04 billion) in these bonds.
Advocate Srijan Sinha, appearing for the association of bondholders, said, “The Bombay High Court had accepted the bondholders’ plea against the write-off and the decision to write-off the AT1 bonds has been set aside.”
“The court has given 6 weeks time to Yes Bank to implement the order.”
Yes Bank did not immediately comment on the order.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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