Urgent Plea for Suo Motu Action in DHFL Crisis to Restore Justice and Equity: An Open Letter to The Hon. CJI Sanjiv Khanna
Urgent Plea for Suo Motu Action in DHFL Crisis to Restore Justice and Equity: An Open Letter to The Hon. CJI Sanjiv Khanna

Posted on 21st April, 2025 (GMT 08:53 hrs)
ABSTRACT
This open-letter by a family of DHFL victims appeal to Chief Justice Sanjiv Khanna to take suo motu cognizance of the DHFL crisis, invoking Article 142 to protect the rights of lakhs of affected FD/NCD holders—mostly senior citizens, widows, and public institutions—who lost life savings due to alleged fraud and crony capitalism. They criticize the Supreme Court’s April 1, 2025, judgment, led by Justice Bela M. Trivedi, which upheld Piramal’s resolution plan, giving victims only 23% recovery while ignoring a full-repayment offer by DHFL ex-promoter Wadhawan. They allege bias in the RBI-appointed CoC and question the judiciary’s increasing proximity to political and corporate powers, citing broader concerns about judicial independence, integrity, and public faith. Citing past appeals and OHCHR recognition, the authors urge Justice Khanna to restore the judiciary’s credibility and ensure justice for victims, warning that inaction will deepen legitimacy crises and public despair.
To
Justice Sanjiv Khanna,
The Honourable Chief Justice,
Supreme Court of India
Subject: Urgent Plea for Initiating Suo Motu Cognizance in the DHFL Cases to Uphold Judicial Integrity and Protect Citizens’ Rights
Respected Justice Khanna,
Vide our previous correspondence dated 14.01.2025 titled Frankly Speaking: An Informal Letter to Hon. CJI Sanjiv Khanna Regarding the DHFL Cases VIEW HERE ⤡, we respectfully present the following earnest appeal for your prompt and thoughtful consideration.
First of all, we must declare that we are overwhelmed by your profound remark — “When we sit on the bench, we lose our religion.”⤡ It evokes the sacred detachment and constitutional duty that the judiciary must uphold, following the spirit of Article 51A(h) of the Indian Constitution. Yet, we cannot overlook that your predecessor disregarded this very secular ethos, effectively undermining the iron wall that should separate the judiciary from the political executive. This wall was made to stand more fragile than ever.
In an era of Indian socio-politics, where threats from political leaders toward judicial representatives are commonplace and the proverbial ‘itching of palms’ has become routine, your words serve not only as a reminder but also as a heartfelt plea for reclamation. In this scenario, as you seem to exemplify greatly, the judiciary must not only resist but also clearly showcase that resistance.

[Disclaimer: We have no intention of maligning the Indian Judiciary or the Supreme Court in any manner. However, our foreign friends constantly ridicule us for the increasing tendency of justice becoming a commodity in the Indian Republic over the past decade or so.]
We, on behalf of the victims of the Dewan Housing Finance Corporation Limited (DHFL) financial crisis, approach you with profound respect and to restore our faith in the judiciary as the guardian of justice. We have observed that in contemporary times, no one aspires to be Justice Loya; instead, they prefer to emulate Justices Gogoi or Chandrachud. Therefore, we are deeply concerned about the legitimacy crises facing the Indian judiciary, as exemplified by the handling of the DHFL case, and we humbly seek your intervention to restore the lost honour of the “blindfolded lady with scales.”
To provide some context, it is important to note that the DHFL debacle, as you may already know, has undergone several significant developments over the past five years, an account of which is given briefly as follows:
Lakhs of DHFL FD/NCD holders—senior citizens, widows, the disabled, and institutions like the Air Force and UPPCL—lost life savings due to alleged fraud. In 2019, Ajay Piramal predicted NBFC crises before Cobrapost exposed DHFL’s irregularities, including terror-funding and BJP-linked political ties. The Bombay HC halted FD/NCD payments (Oct 2019), and DHFL entered insolvency (Nov 2019). The RBI removed its board, formed a CoC, and rejected Kapil Wadhawan’s full repayment offer (Dec 2020). Piramal’s bid won amid bias claims by Oaktree (Jan 2021), and despite NCLT’s call to reconsider Wadhawan’s full repayment offer (May 2021), NCLAT’s ruling against the CoC (2022) was stayed by the Supreme Court (Apr 2022). The Court upheld Piramal’s plan (Apr 2025), giving FD holders only 23% recovery, even after CBI cleared Wadhawan (Jan 2025). Victims, trapped in India’s crony capitalist system under BJP rule, await justice after five years, their trust in the judiciary broken.
Now, the Supreme Court’s judgment on April 1, 2025, was delivered by the bench presided over by the controversial Justice Bela M. Trivedi⤡, upheld Piramal Capital and Housing Finance Limited’s resolution plan for DHFL (one that equated 45k crore assets with 1 rupee!), setting aside the National Company Law Appellate Tribunal (NCLAT) order of January 2022. This ruling has raised significant concerns among DHFL victims, particularly regarding the role of the Reserve Bank of India (RBI)-appointed Committee of Creditors (CoC) for the DHFL. We fear, by smelling the rat⤡, that the DHFL resolution process may have systemically overlooked critical aspects of fairness and transparency, potentially undermining the rights of fixed deposit holders and other small creditors to enable a somewhat (allegedly) predetermined corporate loot by a favoured crony tycoon of the BJP, viz., Mr. Ajay Piramal, who has remained in close touch with the said richest party through the Flashnet and Electoral Bonds scams.
We respectfully submit that the DHFL case is not merely a financial dispute but a matter of public interest, reflecting broader systemic issues within the judiciary and its intersection with executive influence. Former Chief Justice N.V. Ramana rightly emphasized that without mass mobilization, the pillars of democracy, especially the judiciary, cannot thrive.
Regrettably, the reluctance of India’s middle class to engage in non-violent protests has allowed injustices to persist, leaving victims like us without recourse. Their apathy towards participating in these protests against the numerous injustices faced by individuals such as Stan Swamy, G. N. Saibaba, Umar Khalid, Sanjiv Bhatt, Sharjeel Imam, and others is disheartening. These individuals have been detained or have suffered the claws of death without ever receiving a fair trial. Every citizen knows that the King Liar⤡ is naked, but no one is ready to admit it in an outright manner.
We appeal to Your Lordship to exercise the extraordinary powers under Article 142 of the Constitution to take immediate suo motu cognizance of the DHFL cases, ensuring justice for lakhs of affected citizens and safeguarding their fundamental rights under Articles 32 and 21 of the Indian Constitution. The judiciary’s ethico-moral sanctity, a cornerstone of our democracy, must be upheld to prevent further erosion of public trust. We draw inspiration from your distinguished record, which reflects impartiality and independence, notably in cases challenging the incumbent ruling establishment. Your commitment to justice, untainted by post-retirement ambitions, gives us hope.
On May 15, 2023, we previously submitted a public petition to the CJI for taking Suo Motu Cognizance in the DHFL affair⤡ to address this instance of financial abuse, as acknowledged by the United Nations Office of the High Commissioner for Human Rights (OHCHR)⤡. Yet, the government has turned a deaf ear to our living concerns. We now turn to you, trusting in your authority to critically review the April 1 judgment and investigate the CoC’s conduct for any irregularities and illegalities, as duly pointed out by the aforementioned NCLAT order dated 27.01.2022.
We urge swift action to restore confidence in the Indian judiciary, protect the rights of DHFL victims, and reaffirm the judiciary’s role as an impartial arbiter. Let this case be a beacon of hope, proving that justice prevails even in the face of systemic challenges, possibly before 13th May, 2025, if feasible.
With utmost respect and hope,
Yours Most Sincerely,
Dr. Debaprasad Bandyopadhyay
Mrs. Rupa Bandyopadhyay
Mr. Akhar Bandyopadhyay
A Family of Deranged DHFL Victims
Email IDs: anekanta@gmail.com, akhar2001@gmail.com, bandyopadhyay.rupa@gmail.com
बहुजनहिताय बहुजनसुखाय च॥
(“For the happiness of the many, for the welfare of the many”)
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