Borrowed money for business not able to return what can I do

I have bought a sum of 8.4 lakh as a investment for my business and agree to pay profit mentioned in the agreement that I will give 17 % monthly profit. First month I have given 42000 as a profit and up to date for 3 months I didn't give any profit to him due to heavy loss in my Leather Business.. I'm doing all my business in without Bill. The party has agreement and cheque of 9.4 lakh and all my proofs. I can't able to return his amount at this time I.need 1 year time He is saying he will deposit cheque and file case on me Please help

Answers (1)

398 votes
Since you borrowed money for your business, you are required to pay back the amount. The lender can file a recovery case against you to recover the amount from you. You can mention in the court that you are willing to pay but you need time for that. 

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