Once in a Blue Moon Academia (OBMA)

  IBC’s Clean Slate and the Unpaid Sin: Section 32A, Section 66, and the Corporate Metamorphosis of Liability Posted on 27th February, 2026 (GMT 04:57 hrs) ABSTRACT The Insolvency and Bankruptcy Code, 2016 establishes a dual legal framework combining fraud recovery and insolvency resolution. Section 66 embodies the Code’s accountability function by empowering recovery from fraudulent and wrongful trading, thereby restoring value to creditors. In contrast, Section 32A, introduced in 2019 with retrospective effect, extinguishes corporate criminal liability once a resolution plan is approved and control passes to new management. This paper argues that these provisions operate in structural tension: Section 66 presupposes continuity of corporate liability to enable recovery, while Section 32A extinguishes corporate criminal liability while preserving corporate identity, assets, and economic continuity. Through a doctrinal case study of Dewan Housing Finance Corporation Ltd. (DHFL)...

  Beyond the $55 Trillion Dream: A Diary of Doubt on India@100’s Vision for “Viksit Bharat” Posted on 26th February, 2026 (GMT 01:05 hrs) ABSTRACT This diary, spanning February 21–23, 2026, offers a multifaceted critique of Krishnamurthy V. Subramanian’s book India@100: Envisioning Tomorrow’s Economic Powerhouse (2024). Through personal reflections, it dissects the bulk purchase controversy involving Union Bank of India, the book’s promotional events and political alignments, pricing anomalies, and core economic projections for a $55 trillion economy by 2047. Interwoven are broader analyses challenging GDP as a fetishized metric, exposing structural misrepresentations in India’s national accounts, rising external debt amid IMF concerns, unaddressed inequality and crony capitalism, and superficial treatment of climate crises. Contrasting Subramanian’s optimistic, growth-oriented “ethical capitalism” with Gandhian austerity and deep ecological alternatives, the entries highlight...