Reportedly India is suffering from willful behavior that is harmful as well... willful default. The term refers to borrowers who are able but unwilling to repay loans, have diverted loan proceeds for purposes other than their stated use or overstated profits in order to obtain loans.
In the United States, creditors of willful defaulters can sue them or bankrupt them on an involuntary basis. In India, people must work things out in a different way.
I welcome insights of people who do business in India... How does a lender collect in the event of willful default??