Please Compose an Obituary for the RBI-Appointed Committee of Creditors (CoC) for the DHFL: A Letter to the President of India as posted on @Once in a Blue Moon Academia criticizes the functioning and outcomes of the CoC-led resolution process of the Dewan Housing Finance Corporation Limited (DHFL) case. The author argues that the CoC, guided by the Insolvency and Bankruptcy Code (IBC) of 2016, failed to protect the interests of retail investors and other stakeholders, instead favoring major corporate entities like the Piramal Group.
The post suggests that the CoC’s decision-making process lacked transparency and was influenced by political and corporate interests. It alleges that the CoC and other entities involved, including the Reserve Bank of India (RBI) and the judiciary, did not uphold principles of fairness and justice, leading to significant financial losses for small investors and undermining public trust in India’s financial institutions.
The author metaphorically suggests the CoC deserves an “obituary” due to its perceived failures, symbolizing a death of ethical governance and responsibility within this financial resolution process​.