New Delhi: Yes Bank on Friday, November 13, said it has filed a review petition in the Supreme Court seeking a re-examination of the court's October 15, 2026 judgment that set aside the write-off of its Additional Tier-1 (AT-1) bonds worth Rs 8,415 crore (Rs 84.15 billion). The bank disclosed the filing to the BSE and the National Stock Exchange under Regulations 30 and 51 of the SEBI listing rules.

Source: The Hindu BusinessLine

This is a new development in the same case Awaaz Punjab has been following: on October 15, the Supreme Court dismissed appeals by Yes Bank, the Reserve Bank of India and the Union government and upheld the Bombay High Court's January 20, 2023 ruling that set aside the write-off. Earlier this month, on November 6, Axis Trustee Services, acting for the bondholders, filed a contempt petition alleging the bank had not provided a concrete roadmap to restore the bonds — an allegation the bank has rejected and which is yet to be decided.

The review petition has been filed under Article 137 of the Constitution, which allows the Supreme Court to review its own judgments. The dispute covers two AT-1 issuances of Rs 3,000 crore and Rs 5,415 crore. The bonds were written down in March 2020 as part of the RBI-led reconstruction of Yes Bank, after the lender was declared insolvent; the Supreme Court held in October that the bank's administrator lacked the authority to write them down after the final reconstruction scheme had taken effect.

Source: ScanX

What happens next

A review petition does not by itself change the October judgment, and the bonds are not automatically repaid because of this filing. The court will first decide whether the judgment needs to be re-examined at all. Yes Bank, in which Japan's Sumitomo Mitsui Banking Corporation holds a 24 per cent stake, said it will make further disclosures on material developments as required by the listing regulations.

Sources: The Hindu BusinessLine reporting a Reuters report on the bank's November 13 statement, and ScanX reporting the bank's disclosure to the BSE and NSE.