Homebuyers thwart India's quick fix for bad debt
Recent consumer-protection laws put thousands of homeowners on collision course with national mandate
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Mumbai
TWENTY-FOUR km east of India's capital lies Jaypee Wish Town, a sprawling 470-hectare site spotted with unfinished residential towers that embody the human cost of the nation's bad-loan mess and point to the difficulty of resolving it.
Jaypee Infratech Ltd, Wish Town's developer, is among the first 12 corporates that the central bank pushed into insolvency court after it was armed this May with new powers to expedite resolution of the nation's more than US$180 billion in soured debt.
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