The Bombay High Court, in an oral pronouncement on Friday, quashed the write-off of further Tier 1 (AT1) bonds issued by Yes Bank Ltd, stated authorized sources with direct data of the matter.
The last order is but to be uploaded on the court docket web site.
These bonds had been written off by the Reserve Bank of India (RBI) and a Yes Bank administrator on March 13, 2020, as a part of a restructuring plan to rescue the financial institution.
With this, the court docket supplied reduction to bondholders who had an publicity of 84.5 billion rupees ($1.04 billion) to those bonds.
“The Bombay High Court had allowed the bondholders’ petition towards the write-off and the choice to write down off the AT1 bonds has been quashed,” stated Srijan Sinha, an advocate who appeared on behalf of the affiliation of bondholders.
“The Court has granted Yes Bank 6 weeks to implement the order.”
Yes Bank didn’t instantly provide feedback on the order.
(Except for the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
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