Once in a Blue Moon Academia (OBMA)

  Retrospective Truths: Valmiki, Ayodhya, IBC 32A, and the Stake of Constitutional Secularism Posted on 18th March, 2026 (GMT 02:37 hrs) Dedicated to Michael Madhusudan Dutt, Barrister-at-law ABSTRACT This short article explores a striking parallel between poetic creation and state-sanctioned reality-making in contemporary India. Drawing from Rabindranath Tagore’s poetic dialogue with Narada in the context of Valmiki’s Ramayana—where the poet’s imaginative mind-realm is declared Rama’s truer birthplace than historical Ayodhya—the discussion extends to two landmark institutional acts: the Supreme Court’s 2019 Ayodhya verdict (with Justice D.Y. Chandrachud’s later confession of seeking divine guidance) and Section 32A of the Insolvency and Bankruptcy Code (IBC), which retrospectively absolves corporate debtors of pre-insolvency offences upon plan approval, as vividly illustrated in the DHFL-Piramal takeover. Both instances represent exercises in retrospective ontological surgery...

  From Immunity to Impunity: India’s Predatory Insolvency Regime, Electoral Autocracy, and DHFL Scam Posted on 26th January, 2026 (GMT 11;52 hrs) Updated on 27th January, 2026 (GMT 04:08 hrs) ABSTRACT This article critically examines the Insolvency and Bankruptcy Code (IBC), 2016, arguing that it has evolved into a structurally predatory regime enabling the systematic transfer of public, depositor, and taxpayer-backed wealth to politically connected private entities. Through the lens of the DHFL resolution, it analyzes key judicial rulings—including the Delhi High Court’s holding that Insolvency Professionals are not “public servants” under the Prevention of Corruption Act, 1988, and the Supreme Court’s 2025 affirmation of the Piramal plan—revealing chronic delays, 67–68% average haircuts, fraud laundering via Section 32A, and unchecked Committee of Creditors (CoC) dominance. Situating DHFL within India’s declining Corruption Perceptions Index (96th/180, score 38/100 in 2024),...