The article “A Reflexive Question-Answer Session on the DHFL Scam” critically analyzes the events leading to DHFL’s bankruptcy proceedings. The Wadhawan brothers, DHFL’s leaders, maintained in mid-2019 that the company had sufficient cash flows and faced only temporary liquidity issues, despite credit rating agencies downgrading its AAA rating. It distinguishes between insolvency (inability to meet financial obligations) and bankruptcy (a legal declaration) and questions the legitimacy of invoking the Insolvency and Bankruptcy Code in late 2019. The proceedings, initiated by the Bombay High Court after Reliance Nippon Life Insurance’s petition, are portrayed as potentially unjustified, with undue blame placed on DHFL’s management and questionable roles played by the legal system and credit agencies. It further reflects on Mr. Ajay Piramal’s role in the alleged “adverse possession” of the DHFL by citing key verdicts and events in this connection. It also addresses a few miscellaneous questions that deal with debt capitalism and the installation of black sheep to disorganize or destabilize the DHFL movement.