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Loan from non licenced individual unble to pay back what is legal process
Question
We Director of a pvt ltd company taken loan from multiple non licenced individual lendor /sahukar . They provided us loan against company pdc cheque with high rate of intrest like 5-10% monthly/60-120% annually . In starting while taken loan we paid all there intrest on time gradually they increased loan amount as of now we paid almost full amount we taken as intrest but Not paid princple amount till date .From some months from Now company facing huge loss . we are now bankrupted now all Private lendor asking for intrest and princple return which we can,t pay in today situation .They have cheques and some agreement they are saying will bounce and make case/fir . in this case what we can do ? or what cons we may face . We really want to pay back but due to situation we are unble to do so .and amount is in crore so we all are in depressed and unble handle the situation pls guide .
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