Once in a Blue Moon Academia (OBMA)

  অঘোষিত জরুরি অবস্থার (দুঃ-)সময়ে না-রাষ্ট্রের বি-কল্প-না (Imagining No-State Alternities Amidst the Horrors of Undeclared Emergency) Posted on 23rd January, 2026 (GMT 06:58 hrs) DOI:  10.13140/RG.2.2.10426.66245 License:  CC0 এখানে সময়ের প্রয়োজনে, না-রাষ্ট্রের আশায়, অঘোষিত জরুরি অবস্থার মধ্যে দুটো লেখা সংকলিত করা হলো। বলা বাহুল্য, দুটো লেখাই বর্তমান ভারতবর্ষের রাজনৈতিক পরিস্থিতি আর দুরাশা নিয়ে সুরাশা করা হয়েছে। ভাজপার আইটি সেল মিথ্যে প্রোপাগাণ্ডা করে। উৎপল দত্ত উল্টে বলতেন, “আমি প্রোপাগান্ডিস্ট”। আমরা তাঁকে অনুসরণ করেই আরেকটু বাড়িয়ে বলছিঃ আমরা কাউন্টার-প্রোপাগান্ডিস্ট। ধরে নিন এই গোটাটাই একখানা রাজনৈতিক ইস্তেহারমাত্র, যেখানে ভেন্ন ধাঁচের আকাদেমিয়া সেঁধিয়ে আছে। Here, compelled by the urgency of the moment and sustained by the hope of a no-state imagination, two pieces have been brought together amid an undeclared emergency. Needless to say, both writings engage with the present political condition of India and attempt to wrest hope out of despair. The BJP’s...

  Manifesto for Scrapping the Ill-Conceived Insolvency and Bankruptcy Code (IBC) 2016 Posted on 22nd January, 2026 (GMT 07:55 hrs) ABSTRACT This manifesto advances a sustained, evidence-based critique of India’s Insolvency and Bankruptcy Code (IBC), 2016, arguing that the regime has evolved into a structurally predatory legal apparatus that facilitates large-scale transfer of public, depositor, and taxpayer-backed wealth into private corporate hands under the guise of “efficient insolvency.” Drawing on IBBI data up to 2025, landmark cases such as DHFL, Bhushan Power & Steel, Videocon, and Aircel, and recent Supreme Court jurisprudence, the analysis demonstrates how the IBC has systematically failed its own statutory promises of time-bound resolution, value maximization, equitable treatment, fraud recovery, and economic revival. Instead, prolonged delays, extreme haircuts averaging 67–68%, marginalization of retail depositors and public-interest claims, laundering of fraud ...

  The Student as Examiner: Decoding the Manufactured Illusion of Piramal Finance’s CRISIL AA+/Stable Rating Published on 19th January, 2026 (GMT 06:24 hrs) ABSTRACT Credit rating agencies (CRAs) in India occupy a paradoxical position: their ratings shape investor behaviour, influence borrowing costs, and determine market access for corporations, yet they operate within a regulatory and commercial architecture that structurally disincentivizes critical scrutiny and accountability. The issuer-pays model — wherein the rated entity pays the rater — creates endogenous conflicts of interest that privilege quantifiable metrics like capital adequacy and liquidity while marginalizing qualitative governance and forensic risks. This article argues that under such a regime, investment-grade ratings (including the recent CRISIL AA+/Stable assigned to Piramal Finance in early 2026) function less as independent credit assessments and more as manufactured assurances that legitimize capital fl...