YES Bank crisis: Axis Trustee moves HC against AT-1 bond cancellation

Axis Trustee representing bondholders of YES Bank’s additional tier-1 (AT-1) capital bonds worth Rs 8,400 crore on Monday filed a writ petition in the Bombay High Court seeking remedy against the Reserve Bank’s (RBI’s) decision to cancel the bonds as part of reconstruction plan.
 
The central government, represented by the department of financial services and YES Bank, and the RBI have been included in the petition. The petition was reviewed by Business Standard and it was the first to report on March 7 that AT-1 bondholders may seek legal remedy against RBI’s move.
 
The main contention of Axis