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...

  Who Owns the Crisis? Indian Banking from Nationalization to Crony Regime Posted on 1st April, 2026 (GMT 07:50 hrs) ABSTRACT This article traces the historical transformation of Indian banking from postcolonial state-led social banking to the contemporary regime of what it terms “resolution capitalism,” foregrounding the shifting configurations of power, distribution, and knowledge. Beginning with the pre-1969 era of private concentration and systemic fragility, it examines how bank nationalization sought to democratize credit and align finance with developmental and redistributive goals, albeit with embedded contradictions of bureaucratic inefficiency and political interference. The post-1991 liberalization phase introduced prudential norms and market discipline within a hybrid structure, delivering growth and crisis resilience—most notably during the 2008 global financial crisis—while simultaneously generating latent vulnerabilities through corporate over-leverage and regul...