Once in a Blue Moon Academia (OBMA)

  Opaque by Design: The DHFL “Resolution” and Institutional Evasion — An Open Letter to the Reserve Bank of India (RBI) Posted on 23rd March, 2026 (GMT 01:40 hrs) ABSTRACT The DHFL insolvency resolution under the Insolvency and Bankruptcy Code (IBC), 2016, stands as a stark exemplar of systemic opacity, regulatory evasion, and alleged crony favoritism in India’s financial ecosystem. Initiated by the Reserve Bank of India (RBI) in November 2019 through the supersession of the DHFL Board and referral to the National Company Law Tribunal (NCLT), the Corporate Insolvency Resolution Process (CIRP) culminated in the approval of Ajay Piramal’s resolution plan by the Committee of Creditors (CoC), the NCLT (June 2021), and ultimately the Supreme Court (April 1, 2025), which upheld the plan—including the appropriation of avoidance recoveries by the successful resolution applicant—while reaffirming the primacy of the CoC’s “commercial wisdom.” The case has drawn sustained scrutiny from a...

  Fictitious Capital, Felt Consequences: A Market Check-In for the Piramal Empire Posted on 5th December, 2025 (GMT 02:58 hrs) ABSTRACT This letter-cum-article presents a public-interest reflection on recent market developments surrounding Piramal Group companies and the wider governance questions they have sparked among investors, analysts, and civil society. Drawing on publicly available financial data, media reportage, and long-circulating discussions in the public sphere, it examines the convergence of market underperformance, debt concerns, corporate restructuring decisions, and historical reputational debates linked to the group. The letter raises broader issues about transparency, accountability, political economy, and investor sentiment in contemporary India, especially in a climate where corporate influence, public institutions, and regulatory processes often appear intertwined. Without making allegations, the article highlights the anxieties and questions currently s...