Leasing one schedule premises to three persons

Owner of a schedule premises leased the premises to two persons and took money from all of them. among the two first party is in possession. second party was leased with the condition to re-let the premises. at the time of taking the premises on lease the second party did not know that the first is also a lease holder. owner said the party in possession of the premises is a tenant actually paying rent to the owner and asked the second party to make a rental agreement between the two and collect rent himself, to which the first party agreed and signed the rental agreement. later the owner asked the second party that he would collect and deliver the rent himself. after ten months the owner said he has made losses in his business and will only pay half of the the rent for the next three months and will return the money in three months the full lease amount and unpaid rent amount. when the second party went to collect the rent from the first party, the first party revealed the truth that she is actually the lease holder and she lied on the instruction of owner and pleaded not to harm her. owner says his intentions are good, what he did was to solve his financial problem, would have continued paying me the rent if he had not made business losses. now after the completion of three months he says he has to pay rs.4,50,000/- to an other party whom he has leased the same premises first, then he has to settle rs.2,50,000/- each to two of him material suppliers. after that he will pay my amount. he is asking me to wait for one and a half year. and during that time he will not pay me any rent. his tea dust business is not making profit and he intends to pay back the amount by working as driver in ola company. when we ask him to sell the property and settle the amount he refuses to do that. what should we do please guide us.