This article delivers a comprehensive indictment of India’s Insolvency and Bankruptcy Code (IBC), 2016, exposing it as a structurally predatory regime that facilitates crony expropriation rather than genuine resolution. Through doctrinal analysis, tribunal data, and emblematic case studies—Videocon, Aircel, Essar Steel, Bhushan Power, Reliance Communications, and most starkly DHFL—it demonstrates how time-bound resolution is a legal fiction, recoveries are abysmally low, avoidance provisions are systematically neutralised, and fraud is laundered through procedural finality. The DHFL case emerges as the perfect crime scene: mass dispossession of 2.5 lakh retail savers, assignment of vast avoidance recoveries at notional value to the acquirer, and judicial deference that extinguished constitutional claims. Situated within a wider political economy of crony capitalism and opaque political funding, the IBC is shown not as a failed reform but as rule by plunder—an insolvency regime that has gone rogue.