Fraud done by employee and now he is not returning money

Dear Sir/Madam, I am a wholesale dealer; one of the employees a part of the job collects money from the clients. He is (65+) of age working with us for last 3 years. Because of wrong business practice misuse of company money Rs. 100000 for his personal agenda. Because of which we have we fired him and not paid his two months’ salary Rs. 35,000/-. After calculation finally owe him Rs. 22500 and collect Rs. 75000 from him. We have taken it in writing in presence of his son as witness to pay the amount every month Rs. 10000 for a span of 6 months. It’s been a month neither he came to pay his first installment nor he came to see us to discuss any possibilities. We have sent an official letter to settle the matter else we will initiate legal action. 1)What action we can take if we go legal, 2)If he files for bankruptcy what do we do. Please help