Indiabulls Housing Finance Ltd on Monday filed a writ petition in the Bombay high court against the Union of India, Reserve Bank of India (RBI), Yes Bank Ltd, Axis Trustee Services Ltd and the National Securities and Depository Ltd (NSDL), according to the court’s website.
The case, filed under the Banking Regulation Act, is listed for hearing on 17 March as well as on 23 March. The website did not mention details of the case.
Meanwhile, Axis Trustee on Monday also filed a case against the Union of India, RBI, Yes Bank’s Prashant Kumar, Yes Bank and NSDL. This case is also expected to be heard on the same dates.
Last week, Yes Bank’s Additional Tier 1 (AT1) bondholders led by Axis Trustee had moved the Bombay high court against RBI’s and the Union government’s plan to write down the bonds under a reconstruction scheme.
Yes Bank’s AT1 bonds worth ₹8,415 crore will be written down to zero, the lender said in a notice to stock exchanges on 15 March.
Indiabulls Housing Finance had said on 8 March that Yes Bank owes it ₹662 crore, which was invested in the bank’s AT1 bonds.
In a stock exchange filing, Indiabulls said it had made the investments in 2017 as part of its treasury management. Indiabulls also clarified that it has no term loans outstanding from Yes Bank, which is currently under moratorium.
“Sameer Gehlaut, promoter of Indiabulls Housing Finance or any of his companies or any of his family member companies have no loans outstanding from Yes Bank," it had said.