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...

  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...