Partnership Dispute

Dear Sir/Madam, I have started a small manufacturing business on March 2014. For the initial capital purpose, I have borrowed Rs. 700,000 (Seven Lakhs) from my friend, for which I had to pay Rs. 14,00,000 within 1 year (i.e. by April 2015). For his security we wrote a partnership deed in which it was stated that he is the 60% stake holder and I am 40%. Our MOU is like when ever I repay his amount, he will be withdrawn from his 60% stake and the firm would be mine. But due to some problems the business was not successful and I am failed to repay his amount. I either dont want to cheat him also. I will repay his capital, but I need some time. Now he sent me a notice for the whole Rs. 14,00,000 within 15 days. Unfortunately I put my wife as a partner and gave a blank cheque at the time of our agreement. He deposited that cheque for Rs. 14,00,000. Here I need few clarification; 1. How can I get some more time to repay his given capital? (I need at least 1 year) 2. How to keep my wife aside from all these issues, since I am responsible for everything? 3. He is coming home and threatening the whole family with the most unparliamentary language to ladies. Kindly give me some suggestions how to face this situation.