Once in a Blue Moon Academia (OBMA)

  Scrap IBC Now: How Section 32A Buried Section 66 | The DHFL Case (Video) Posted on 7th April, 2026 (GMT 08:35 hrs) ABSTRACT In the DHFL insolvency — India’s first major NBFC case under the IBC — over 2.5 lakh retail depositors, including pensioners and widows, suffered heavy haircuts of 54–77% on their life savings. Yet the company emerged spotless in Piramal’s hands, fully discharged from a ₹5,050 crore PMLA case in February 2026 under Section 32A of the IBC. Inserted retrospectively via ordinance on 28 December 2019 — just 25 days after DHFL entered CIRP — this “clean slate” provision granted the new owner complete immunity from past offences, even as ₹45,000 crore in alleged fraud recoveries were valued at one rupee. Like Valmiki’s Ramayana, which existed before Rama’s birth and reconfigured reality itself, Section 32A rewrote corporate accountability after the fact (POST-FACTO), turning a law meant to protect creditors into a sophisticated mechanism that socialised losse...

  A DHFL Victim’s Anonymous Letter — and the YouTube “Dislike” Campaign Posted on 23rd March, 2026 (GMT 03:18 hrs) ABSTRACT This post presents an anonymous testimony from a DHFL depositor, documenting the lived human cost of India’s crony-capitalist financial regime. Through a raw account of loss, dispossession, and psychological distress following the DHFL collapse and subsequent resolution process, the letter foregrounds how institutional decisions, regulatory opacity, and political–corporate entanglements translate into everyday suffering for ordinary citizens. At the same time, it traces a shift from despair to resistance, as the victim transforms personal trauma into acts of digital dissent and collective voice. By reproducing the testimony in both transliterated Hindi and English, this piece seeks not only to archive a voice often erased in financial discourse but also to situate it within broader critiques of the “money-signifier” as a structuring force that shapes visibilit...

  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...