Once in a Blue Moon Academia (OBMA)

  The IBC (Amendment) Act, 2026: Cosmetic Speed or Deepening the Crony Heist? Posted on 17th April, 2026 (GMT 03:55 hrs) ABSTRACT This report by Once in a Blue Moon Academia indicts the IBC (Amendment) Act, 2026 as a high-speed polish on a structurally flawed regime. While promising faster resolutions and marginal creditor safeguards, it leaves untouched the core contradictions — especially the tension between Section 66 (fraud recovery for creditors) and Section 32A (clean-slate immunity) — that enabled the DHFL heist, where retail depositors lost 75–80% while fraud upside flowed to Piramal. The amendment accelerates crony capture rather than correcting it, turning bankruptcy into a profitable tool for the superrich at the expense of the common people. I. Introduction: A High-Speed Polish on a Structurally Flawed Engine? In the wake of India’s most sweeping overhaul of the Insolvency and Bankruptcy Code since its 2016 inception— the IBC (Amendment) Act, 2026 —whistleblowers l...