Supreme Court - Daily Orders
Yes Bank Limited vs Axis Trustee Services Limited on 4 December, 2025
Author: Dipankar Datta
Bench: Dipankar Datta
CIVIL APPEAL NO. 3182/2025
ITEM NO.101 COURT NO.8 SECTION III
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
CIVIL APPEAL NO. 3182/2025
YES BANK LIMITED & ANR. APPELLANT(S)
VERSUS
AXIS TRUSTEE SERVICES LIMITED & ORS. RESPONDENT(S)
[ PART HEARD BY :- HON'BLE DIPANKAR DATTA AND HON'BLE AUGUSTINE
GEORGE MASIH, JJ. ]
IA No. 66815/2024 - INTERVENTION APPLICATION
IA No. 149232/2023 - INTERVENTION APPLICATION
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IA No. 20726/2025 - INTERVENTION/IMPLEADMENT
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IA No. 42432/2023 - PERMISSION TO FILE ADDITIONAL
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WITH
C.A. No. 3193-3202/2025 (III)
IA No. 248117/2023 - INTERVENTION/IMPLEADMENT
IA No. 81056/2023 - INTERVENTION/IMPLEADMENT
IA No. 52684/2023 - PERMISSION TO APPEAR AND ARGUE IN PERSON
IA No. 45645/2023 - PERMISSION TO FILE ADDITIONAL
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C.A. NO. 3183-3192/2025 (III)
IA No. 63894/2023 - APPLICATION FOR PERMISSION
IA No. 38489/2023 - EXEMPTION FROM FILING C/C OF THE IMPUGNED
Signature Not Verified
JUDGMENT
Digitally signed by POOJA SHARMA IA No. 52672/2023 - PERMISSION TO APPEAR AND ARGUE IN PERSON Date: 2025.12.16 15:33:14 IST Reason: IA No. 47514/2023 - PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES 1 CIVIL APPEAL NO. 3182/2025 C.A. NO. 3203-3212/2025 (III) IA No. 140788/2023 - EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT Date : 04-12-2025 These matters were called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE DIPANKAR DATTA HON'BLE MR. JUSTICE AUGUSTINE GEORGE MASIH For Appellant(s) :
Mr. Shyam Divan, Sr. Adv.
Mr. Balbir Singh, Sr. Adv. Mr. S. S. Shroff, AOR Ms. Shally Bhasin, Adv.
Ms. Veena Sivaramakrishnan, Adv. Mr. Siddhant Kant, Adv.
Mr. Prateek Gupta, Adv.
Mr. Mrityunjoy Roy, Adv.
Mr. Arpith Jacob Varaprasad, Adv.
Mr. Gurmeet Singh Makker, AOR Mr. Tushar Mehta, SG Mr. Raghav Shankar, ASG Mr. Vivek Shetty, Adv.
Mr. Nishant Upadhyay, Adv. Mr. Dhaval Vora, Adv.
Ms. Pallavi Mishra, Adv.
Mr. Neelaabh Bist, Adv.
Ms. Alankrita Sinha, Adv. Mr. Bhuvan Kapoor, Adv.
Mr. Aman Mehta, Adv.
Mr. Aaditya Dixit, Adv.
Mr. Navneet R., AOR For Respondent(s) :
Mr. Paras Parekh, Adv.
Ms. Vanya Gupta, AOR Ms. Vanshita Shah, Adv.
Ms. Ankita Roy, Adv.
Mr. Shyam Divan, Sr. Adv.
Mr. Balbir Singh, Sr. Adv. Mr. S. S. Shroff, AOR Ms. Shally Bhasin, Adv.
Ms. Veena Sivaramakrishnan, Adv.2 CIVIL APPEAL NO. 3182/2025
Mr. Siddhant Kant, Adv.
Mr. Prateek Gupta, Adv.
Mr. Mrityunjoy Roy, Adv.
Mr. Arpith Jacob Varaprasad, Adv.
Mr. Ritin Rai, Sr. Adv.
Mr. P. S. Sudheer, AOR Mr. Rishi Maheshwari, Adv. Ms. Anne Mathew, Adv.
Mr. Bharat Sood, Adv.
Mr. Jai Govind M J, Adv.
Mr. Jashan Vir Singh, Adv. Mr. B. Gopalakrishnan, Adv.
Mr. Kaushik Choudhury, AOR Mr. Deepanshu Jain, Adv.
Mr. Shaantanu Jain, Adv.
Mr. Saksham Garg, Adv.
Mr. Jyotirmoy Chatterjee, Adv. Mr. Sumant Datt, Adv.
Mr. Hitendra Nath Rath, AOR Mr. Srijan Sinha, AOR Mr. Siddharth Garg, Adv.
Ms. Lihzu Shiney Konyak, Adv. Mr. Srajan Yadav, Adv.
Ms. Trisha Garimala, Adv.
Dr. A.M. Singhvi, Sr. Adv. Mr. Mahesh Agarwal, Adv.
Mr. Rishi Agrawala, Adv.
Mr. Kamaldeep Dayal, Adv. Mr. Ankur Saigal, Adv.
Ms. Sukriti Bhatnagar, Adv. Ms. Shivani Agarwal, Adv. Mr. E. C. Agrawala, AOR Mr. Aman Raj Gandhi, AOR Mr. Neeraj Kishan Kaul, Sr. Adv. Mr. C.A. Sundaram, Sr. Adv. Mr. Sunil Tilokchandani, Adv. Mr. Nagarkatti Kartik Uday, Adv. Mr. Himalaya Chaudhari, Adv. Ms. Aditi Sharma, Adv.
Mr. Raghav Agrawal, Adv.
Ms. Rohini Musa, Adv.
Mr. Abhishek Gupta, Adv.3 CIVIL APPEAL NO. 3182/2025
Mr. Zafar Inayat, Adv.
Mr. Nagarkatti Kartik Uday, AOR Mr. Tushar Mehta, Solicitor General Ms. Aishwarya Bhati, A.S.G. Ms. Archana Pathak Dave, A.S.G. Mr. K M Nataraj, A.S.G. Mr. Gurmeet Singh Makker, AOR Mr. Shailesh Madiyal, Adv. Mr. Shashank Bajpai, Adv.
Mr. Navneet R., AOR Mr. Prtap Venugopal, Sr. Adv. Mr. Pratap Venugopal, Sr. Adv. Mr. Abhishek Singh, Adv.
M/S. K Ashar & Co., AOR Mr. Abhishek Yadav, AOR Mr. Saurabh Yadav, Adv.
M/S. Dua Associates, AOR Respondent-in-person Ms. Sonali Jaitley Bakhshi, Adv. Mr. Jaiyesh Bakhshi, Adv. Mr. Ravi Tyagi, AOR Mr. Mayank Mishra, Adv.
Mr. Gaurav Mishra, Adv.
Mr. Daman Popli, Adv.
Ms. Sudiksha Saini, Adv.
Mr. Sahil Dhawan, Adv.
Mr. Abhijay Basu, Adv.
Mr. P. V. Yogeswaran, AOR Mrs. Rekha Palli, Sr. Adv. Mr. Rahul Narang, Adv.
Mr. Karthik Aruva, Adv.
Mr. Somesh Chandra Jha, AOR Mr. Shreay Saini, Adv.
Ms. Punam Singh, Adv.
Ms. Bhavya Sharma, Adv.
Mr. Vaiduahya Parth, Adv.
Mr. Mayank Pandey, AOR Ms. Rohini Prasad, AOR Mr. Rajiv Jain, Adv.4 CIVIL APPEAL NO. 3182/2025
Ms. Ashika Ranjan, Adv.
Md. Zaid Hashmat, Adv.
Mr. Tushar Mehta, Solicitor General Mr. Sanjay Kapur, AOR Mr. Surya Prakash, Adv.
Ms. Shubhra Kapur, Adv.
Mr. Abhishek Tiwari, Adv.
Mr. Sanchit Garga, AOR Mr. Ishit Saharia, AOR Mr. Pulkit Agarwal, AOR Mr. Supratik Sarkar, Adv. Mr. Saurav Gupta, AOR Mr. Srijan Sinha, AOR Mr. Siddharth Garg, Adv.
Ms. Lihzu Shiney Konyak, Adv. Mr. Srajan Yadav, Adv.
Ms. Trisha Garimala, Adv.
Mr. Himanshu Chaubey, AOR UPON hearing the counsel, the Court made the following O R D E R
1. Mr. Shyam Divan, learned senior counsel for the appellant - Yes Bank Limited; Mr. Tushar Mehta, learned Solicitor General for Union of India, Reserve Bank of India and State Bank of India; and Mr. Balbir Singh, learned senior counsel for the (erstwhile) Administrator of Yes Bank Limited have concluded their arguments.
2. We are in the midst of hearing Mr. C.A. Sundaram, learned senior counsel for Axis Trustee Services Limited.
3. Mr. Sundaram will be followed by learned senior counsel - Dr. A.M. Singhvi and Mr. N.K. Kaul – and a few others.
4. We are informed by learned senior counsel for the parties that it 5 CIVIL APPEAL NO. 3182/2025 may take another two full days for them to conclude their arguments before judgment is reserved.
5. We have several part-heard matters, which have been fixed for hearing on the regular hearing days before commencement of the winter vacation. It will, thus, not be possible for us to accommodate the parties to advance any further argument this year.
6. A change in composition of this Bench with effect from the new year, if at all, would require the appeals to be re-heard. In view thereof, we direct placing of these appeals before the Hon’ble the Chief Justice of India for an appropriate order permitting us to continue with its hearing. Significantly, the appeals have been heard for the last few days and involve substantial questions of law of public importance.
7. In the event, the Hon’ble the Chief Justice of India assigns these appeals to this very Bench, the same shall be listed on 15 th January, 2026, on top of the Board.
8. Mr. C.A. Sundaram, in course of hearing, tendered across the Bar certain notes and has placed reliance thereon. These notes, marked 2, 3 and 5, contain details of AT-1 Bondholders, profits made by the investors and impact of CET-1 ratio of Yes Bank Limited.
9. If Axis Trustee Services Limited intends to rely on such particulars, as contained in the said notes, it needs to file an affidavit within a week from date, with a copy to Yes Bank Limited and the other parties seeking reversal of the judgment and order impugned in 6 CIVIL APPEAL NO. 3182/2025 the appeals.
10. Yes Bank Limited, and any other party, seeking to take exception to such affidavit may do so by filing a reply affidavit within 10th January, 2026.
(POOJA SHARMA) (SUDHIR KUMAR SHARMA) AR-CUM-PS COURT MASTER (NSH) 7