Revoke the IBC: India’s Biggest Crony Heist – A Call for Non-Violent Civil Disobedience by DebaprasadBandyopadhyay Via Flickr: shorturl.at/H6uoS The Insolvency and Bankruptcy Code (IBC) 2016, touted as a landmark reform, has entrenched crony capitalism in India under the BJP-NDA regime by socializing enormous losses onto public banks, depositors, MSMEs, workers, and taxpayers while privatizing gains for politically connected acquirers. The DHFL episode epitomizes this plunder: a solvent housing finance company was deliberately forced into IBC, leaving over 2.5 lakh middle-class depositors with negligible recovery on ₹5,375 crore claims, as ₹31,000–45,000 crore in alleged fraud was wiped clean under retrospective Section 32A and transferred for a notional Re 1 to Mr. Ajay Piramal, while being riddled with conflicts with SARFAESI, RBI Act, NHB Act and Companies Act, endless amendments as well as tweaks exposing congenital defects, moratorium abuse, CoC supremacy shielded by judicial deference, and engineered opacity, the IBC stands as a global outlier that destroys value of natural justice, violates constitutional rights under Articles 14 and 21, and devastates MSMEs. Beyond reform, it must be fully revoked and re-made from scratch in a pro-people, pro-depositor manner. This manifesto calls for a nationwide Gandhian Satyagraha through mass dharnas, RTIs, human rights complaints, and economic resistance to scrap the Code, eliminate Section 32A, enforce Section 66 fully, and secure full restitution with compound interest to all victims. The heist must end– NOW.
