My business partner failed to pay the partnership money

• Me and my friend started a garment business for which we had taken 25Lakhs loan from the bank. • After some time, I have decided to come out of partnership. • My partner agreed to take over the company as well as to clear the bank loan. • Since the loan was in my name, we made an agreement in which it was mentioned that, he will become the sole owner of the company and pay the loan EMI 40000/- (Forty thousand rupees) to me every month without fail. • In the agreement it was also mentioned that, he will pay the bank interest as well as late fee if, there is any delay in making the payment. • Since, he took over the company, he made a sale agreement of his personal property worth 10Laksh as a security purpose. This was the only property which was in his name and there was no other option for me to agree to it even though the value of it was not equal to the loan amount . • He also gave the post-dated cheques to recover the EMI money. • It went fine only first two month and then problem started, his cheques didn’t get clear and got bounced. • He started saying his business is not going well and started paying money on his own time frame. • 3 years over now and he paid only ~5Laksh so far. He was supposed to pay 1440000 (36 * 40000) + Interest. • Since the agreement is valid only for 3 years and he failed to repay the money we have sent a lawyer notice asking him to register the property in our name and pay rest of the balance. • He has sent a response saying the property was not meant for sale and it was only security purpose. • He is neither paying the money, nor giving the property. • The factory also shut down and machineries are took over by the building owner as he didn’t pay the rent it seems. • So we are left with nothing and don’t know how to proceed. • Please advise on this.