Yes Bank seeks Supreme Court review of ruling on Rs 8,415 crore AT-1 bond write-down
Yes Bank told the stock exchanges on 13 November 2026 that it has asked the Supreme Court to review its 15 October 2026 judgment on the write-down of AT-1 bonds of Rs 8,415 crore.
Key points
- Yes Bank said in a filing that it has filed a review petition in the Supreme Court under Article 137 of the Constitution.
- The petition seeks review of the court's 15 October 2026 judgment on the March 2020 write-down of AT-1 bonds of Rs 8,415 crore.
- The bank's filing gives no grounds or hearing date; it says it will disclose further material developments.
Photo: Spamguy at English Wikipedia / Wikimedia Commons, CC BY 2.5 (cropped). Representational image.
Yes Bank has filed a review petition in the Supreme Court asking it to reconsider its judgment of 15 October 2026, which upheld the setting aside of the March 2020 write-down of the bank's Additional Tier-1 (AT-1) bonds aggregating Rs 8,415 crore. The bank disclosed the petition in a filing with the stock exchanges dated 13 November 2026.
What Happened
According to a letter from the bonds' trustee that the bank filed with the exchanges, the AT-1 bonds are perpetual non-convertible debentures. According to the bank's earlier disclosures, the bonds were written down in March 2020 in connection with its reconstruction, and the Bombay High Court set that write-down aside on 20 January 2023. The bank said the Supreme Court, on 15 October 2026, upheld the High Court and dismissed the appeals filed by the bank, the Reserve Bank of India and the Union of India. As disclosed by the bank, the court's order also said the annual coupon must be paid in terms of the bonds' information memoranda.
The filing of 13 November 2026 says the bank has now filed a review petition under Article 137 of the Constitution seeking review of that judgment and order. The filing does not give the grounds or a hearing date. In a filing of 30 October 2026, the bank disclosed that the bonds' trustee, Axis Trustee Services Limited, had on 28 October 2026 called on it to reinstate the bonds within three days; the bank replied that it was fully committed to act in accordance with the judgment and applicable law.
What It Means
The petition asks the Supreme Court to review its own judgment and order. For AT-1 bondholders, the bank said on 24 October 2026 that it retains the right under the bonds' terms to exercise coupon discretion, and that it had not yet decided whether that is required.
On capital, the bank's filing of 16 October 2026 put the pro forma impact of reinstating the bonds' principal on its common equity Tier 1 (CET1) ratio, as on 30 June 2026, at about 250 basis points. A rating report the bank filed on 13 November 2026 says the bank estimates its CET1 ratio would decline from 13.7% to 11.4%. The bank has said it will make further disclosures on material developments, and that its day-to-day operations and customer services continue without interruption.
Sources & Citations
- Yes Bank exchange filing on review petition — BSE Limited
- Yes Bank exchange filing on Supreme Court judgment — BSE Limited
- Yes Bank exchange filing on credit ratings — BSE Limited