The Bombay High Court on Friday quashed the write-off of additional Tier-1 (AT1) bonds issued by Yes Bank Ltd , according to a court order.
A customer tries to look into a Yes Bank branch in Mumbai, India, March 6, 2020. REUTERS/Francis Mascarenhas
Additional Tier-1 bonds are high-yield securities that typically have loss-absorbing features, meaning they can be written off if a lender's capital falls below a crucial level, which was invoked in Yes Bank's case. However, the court offered relief to bondholders with exposure of 84.5 billion rupees to these bonds.
"It appears that administrator exceeded his powers and authority in writing off AT-1 bonds after the bank was reconstructed on March 13, 2020," according to the court order.
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