Whalesbook
Supreme Court abhi Yes Bank ke Additional Tier-1 (AT1) bonds ke controversial write-down par apna verdict sunane wali hai. Yeh decision bahut important hai, kyunki yeh India ke poore AT1 bond market ko naya roop de sakta hai. Authorities ne court ko bataya hai ki iska asar banking sector mein chal rahe lagbhag $12 Billion (yaani ₹1 Lakh Crore) ke AT1 bonds par pad sakta hai.
Kaanuni Bahason Ka Takrav
Asal mudda ye hai ki kya Yes Bank ke AT1 bonds ka $10 Billion (yaani ₹8,415 Crore) ka write-down, bank ki reconstruction scheme ke under hua tha ya Reserve Bank of India (RBI) ke master circular aur bond agreements ne use dictate kiya tha. Government ke counsel ne argue kiya ki AT1 bonds strictly RBI regulations aur unke contract terms se governed hote hain, na ki reconstruction scheme se. Unhone kaha ki RBI ke master circular mein write-downs ke liye ek detailed framework hai, jismein bank ka 'non-viability' – yaani bank doobne ki haalat mein hai – sabse important trigger hai.
Timing Aur Process Par Sawal
Government lawyers ne explain kiya ki Yes Bank ka reconstruction, jo March 2020 mein ek serious financial crisis ke dauran shuru hua tha, ek step-by-step process tha. Unka kehna tha ki write-down ke liye 'non-viability' trigger reconstruction poori hone se pehle bhi ho sakta hai. Government ne yeh bhi warn kiya ki State Bank of India dwara ki gayi capital infusion se pehle AT1 bonds ko write-down karne se Yes Bank ki pehle se nazuk financial condition aur kharab ho sakti thi, jis se poori rescue effort khatre mein pad sakti thi. Yeh bank rescue ke dauran authorities dwara manage ki jaane wali delicate balance ko dikhata hai.
Bondholders Ka Challenge
Bondholders ke lawyers ne argue kiya ki Yes Bank ki final reconstruction scheme mein AT1 bonds ke write-down ya conversion ka explicit requirement ya permission nahi tha. Unhone note kiya ki scheme ke pehle ke drafts mein aisi provisions hone ki report hai, lekin final version se hata di gayi thi, jo bondholders ko protect karne ka ishara karta hai. Petitioners ne yeh bhi claim kiya ki agar RBI master circular aur bond terms lagoo bhi hote, toh write-down se pehle strict due process aur safeguards ka adherence zaroori tha. Unhone scheme lagu hone ke baad administrator ke bonds ko unilaterally cancel karne ke authority par bhi sawaal uthaya.
Systemic Concerns Vs. Specifics
Bondholders ne government ke systemic risk warnings ko reject karte ہوئے kaha ki yeh case specific facts par judge hona chahiye: kya Yes Bank situation mein law aur due process sahi tarike se follow kiya gaya tha. Supreme Court bench ne teen key sawalon par focus kiya hai: bank ka legal reconstruction sach mein kab shuru hota hai, write-down order karne ka authority kiske paas hai, aur kya 'non-viability' trigger akele stand kar sakta hai ya Banking Regulation Act ke under poori ho chuki reconstruction se link hona chahiye.