Unable to pay pending dues
i owe Rs.12 Lacs to a friend who had invested money in 2014 with intention to receive regular returns of Rs.36000 every month. Unfortunately, i went into losses and could not repay the amount and neither the regular interest. Also shut down my business and stsrted working on commission basis. last year he filed a police complaint and we mutually agreed that i will pay him 1 lac and balance 11 lac with 12000 monthly interest by august 2017. again, i could not even earn for my survival properly so question of repaying was not possible. though he had a cheque of 1244000 which he put into account and cheque was dishonoured. now his lawyer had sent a notice asking to repay before 12th December else will file a case in the court of law. i am completely broke at present and do not have any money with me to pay him. need at least 3-5 years. not able to understand the next steps.
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