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Helpless Homebuyers Thwart Indian Plan for Quick Fix to Bad Debt

By Tony Seruga

Insolvency case against Jaypee Infra stalled by Supreme Court
Homebuyers approach top court to safeguard their savings

Fifteen miles east of India’s capital lies Jaypee Wish Town, a sprawling 1,162-acre 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 $180 billion in soured debt. Hundreds of homebuyers have filed suit saying the loan-recovery proceedings threaten to leave them without homes or compensation, prompting the Supreme Court to halt the case on Sept. 4…

Helpless Homebuyers Thwart Indian Plan for Quick Fix to Bad Debt

Categories : Real Estate

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