The article examines the contradictory verdicts from the National Company Law Appellate Tribunal (NCLAT) regarding the DHFL case, highlighting four judgments issued in January and February 2022. It questions whether these inconsistencies arose from political pressure, inadequate judicial reasoning, or flaws in the Insolvency and Bankruptcy Code (IBC). The piece argues that the NCLAT favors non-convertible debenture (NCD) holders over fixed deposit (FD) holders, calling for a reassessment of the IBC to ensure equitable treatment for all creditors.