Yes Bank review petition: bank asks Supreme Court to revisit its Rs 8,415 crore AT1 bond ruling
The petition challenges the 15 October judgment, and the sources do not give a hearing date or the grounds for review.
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Yes Bank has filed a review petition in the Supreme Court against the 15 October 2026 judgment that quashed its March 2020 write-down of Rs 8,415 crore of Additional Tier-1 (AT1) bonds, the bank said in an exchange filing on Friday 13 November, Business Upturn reported. The Yes Bank review petition was filed under Article 137 of the Constitution.
What the Yes Bank review petition challenges
The filing asks the Supreme Court to look again at its own ruling of 15 October. That judgment left in place a Bombay High Court order of January 2023, which restored the bonds, Indian Opinion reported. In 2023 the High Court had set aside the write-off over procedural lapses, without deciding the substantive merits of the securities, Business Today reported.
The reports do not set out the grounds on which the bank seeks a review. Yes Bank said any material developments after the filing will be disclosed as the Listing Regulations require.
Key numbers
- 15 October 2026: the date of the Supreme Court judgment under challenge, per Business Upturn.
- Rs 8,415 crore: the AT1 bonds written down in March 2020, per Business Today.
- Rs 3,000 crore at a 9.5% coupon, issued in December 2016, per Indian Opinion, citing Business Standard.
- Rs 5,415 crore at a 9% coupon, issued in October 2017, per Indian Opinion, citing Business Standard.
AT1 bond write-down: the background
Yes Bank wrote off the Rs 8,415 crore of AT1 bonds in March 2020 as part of its reconstruction measures, after a period of financial stress, Business Today said. Bloomberg News put the investor holdings wiped out at about Rs 8,400 crore, or $884 million.
When the Supreme Court ruled on 15 October, the bank said it was reviewing the judgment and would make further disclosures as required. It added that it had regularly informed the stock exchanges of material developments in the case, and denied any failure to disclose material information under SEBI’s listing regulations, Business Today reported.
Bondholders and axis Trustee Services
Axis Trustee Services had threatened contempt proceedings over alleged non-compliance with the judgment, Indian Opinion reported. Neither source says how the bank responded to that threat, or whether the trustee has moved the court.
What happens next
The Supreme Court has yet to say whether it will take up the Yes Bank review petition. The sources do not give a hearing date. Yes Bank has said it will disclose any material development to the exchanges.
The case decides whether holders of Rs 8,415 crore of written-down bonds get their claims back, and how much of that burden falls on Yes Bank. The bank has said it will disclose material developments, so a hearing date or a trustee move for contempt would show the next pressure point.