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...

  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...