CMS INDUSLAW Represents Sammaan Capital in Supreme Court YES Bank AT-1 Bonds Case
CMS INDUSLAW successfully represented Sammaan Capital in proceedings before the Supreme Court of India concerning the write-off of Additional Tier 1 (AT-1) bonds issued by YES Bank Limited, valued at approximately INR 8,415 crore.
On 15 October 2026, the Supreme Court upheld the Bombay High Court’s judgment setting aside the write-off of the bonds undertaken in March 2020 as part of YES Bank’s restructuring. The Court dismissed the appeals challenging the High Court’s decision, which had held that the bank’s Administrator lacked the authority to write off the bonds after the final reconstruction scheme had come into effect.
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The ruling is significant for the affected bondholders and raises important questions concerning the interpretation of reconstruction schemes, the powers of a bank’s Administrator and the legal framework governing AT-1 instruments. The Supreme Court’s decision preserves the relief granted by the Bombay High Court, with the coupon obligations remaining subject to the applicable terms.
The CMS INDUSLAW team was led by Paras Parekh (Partner) with support of Ankita Roy (Principal Associate) and Vanshita Shah (Associate).
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