YES Bank moves SC against Bombay HC ruling on AT1 bond write-off

The HC had given the bank six weeks' time to challenge the order in the apex court

YES Bank has moved the Supreme Court against the Bombay High Court (HC) order setting aside the lender’s decision to write off additional tier 1 (AT1) bonds worth over Rs 8,400 crore.

On January 20, the Bombay HC had ruled that the Reserve Bank of India-appointed administrator had exceeded his powers and authority in writing off AT1 bonds after the bank was reconstructed on March 13, 2020. However, the judgement did not go into the merits of the decision to write off the AT1 bonds. It just questioned the authority of the administrator when he made the call to write