Most businesses are suffering from being over-leveraged, causing them to default on payments. When I say over-leveraged, it means you have borrowed beyond your means. Your business doesn’t have the capacity to sustain the borrowings. These days, banks are wary of defaulters. When banks demand payments and realise that businesses don’t have the means to pay back, it creates distress. Under normal circumstances, such businesses should file for bankruptcy, but no Indian businessman wants to do that. They would like to basically try and survive as long as they can. They are in denial.