https://www.taxtmi.com/caselaws?id=801219 AT-1 bond write-downs triggered by a bank's point of non-viability must be effected before a reconstruction scheme takes effect, through the authority and procedure prescribed by the applicable regulatory framework. A general provision preserving existing instruments or an Administrator's board-management powers does not confer the banking regulator's distinct power to order a write-down or conversion. Omission of a specific write-down clause from the final reconstruction scheme indicates that the scheme did not authorise alteration of the bonds. The post-reconstruction permanent write-down was therefore ultra vires and invalid, and annual coupon obligations continue under the applicable Information Memoranda. en-us Thu, 15 Oct 2026 00:00:00 +0530 Sat, 17 Oct 2026 05:20:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801219 AT-1 bond write-downs triggered by a bank's point of non-viability must be effected before a reconstruction scheme takes effect, through the authority and procedure prescribed by the applicable regulatory framework. A general provision preserving existing instruments or an Administrator's board-management powers does not confer the banking regulator's distinct power to order a write-down or conversion. Omission of a specific write-down clause from the final reconstruction scheme indicates that the scheme did not authorise alteration of the bonds. The post-reconstruction permanent write-down was therefore ultra vires and invalid, and annual coupon obligations continue under the applicable Information Memoranda. Case-Laws Indian Laws Thu, 15 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801219