Unable to pay Loan and Vendors Payment what to do

Hi, I am running my trading business from Feb 2013 in Delhi. I am authorized business partner of several International Brands like Reebok, Adidas, Puma, Lee Cooper, Sparx, Liberty, Lancer, UCB etc. Everything was going well and were paying to vendor and NBFC on time but after demonetization & GST my business is 60% less than previous year and due to this my payments start getting delayed to vendors & NBFC. Now situation is in worst stage. I want to repay the amount to everyone but due to pressure from everywhere I couldn't think any anything to retrieve the business. One of my friend suggested me to file bankruptcy to come out from this situation and start from zero once again. Please suggest.