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Expose IBC’s Dirty Secret, Resist the Structural Impunity for Cronies!

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  Expose IBC’s Dirty Secret, Resist the Structural Impunity for Cronies! Posted on 21st March, 2026 (GMT 01:55 hrs) ABSTRACT This dossier argues that the Insolvency and Bankruptcy Code, 2016 has evolved from a reform tool into a system of impunity, exemplified by the Dewan Housing Finance Corporation Ltd collapse, where depositors suffered massive losses while Section 32A IBC erased corporate liability for the “new owner” Mr. Ajay Piramal; highlighting repeated amendments and creditor dominance, it calls for repeal—especially of Section 32A in relation to its contradictory relationship to Section 66—and urges non-violent resistance inspired by Gandhiji to restore accountability. I. Executive Summary This dossier advances a rigorous, activist-oriented critique of the Insolvency and Bankruptcy Code, 2016 (IBC), arguing that what was once projected as a techno-solutionist solution to India’s non-performing asset crisis has, in practice, evolved into a juridical architecture of st...
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Retrospective Truths: Valmiki, Ayodhya, IBC 32A, and the Stake of Constitutional Secularism

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  Retrospective Truths: Valmiki, Ayodhya, IBC 32A, and the Stake of Constitutional Secularism Posted on 18th March, 2026 (GMT 02:37 hrs) Dedicated to Michael Madhusudan Dutt, Barrister-at-law ABSTRACT This short article explores a striking parallel between poetic creation and state-sanctioned reality-making in contemporary India. Drawing from Rabindranath Tagore’s poetic dialogue with Narada in the context of Valmiki’s Ramayana—where the poet’s imaginative mind-realm is declared Rama’s truer birthplace than historical Ayodhya—the discussion extends to two landmark institutional acts: the Supreme Court’s 2019 Ayodhya verdict (with Justice D.Y. Chandrachud’s later confession of seeking divine guidance) and Section 32A of the Insolvency and Bankruptcy Code (IBC), which retrospectively absolves corporate debtors of pre-insolvency offences upon plan approval, as vividly illustrated in the DHFL-Piramal takeover. Both instances represent exercises in retrospective ontological surgery...
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