I cant repay a person loan taken from friend and it is getting ugly
Hi,
My husband and I own a Pvt Ltd company. A friend gave us a loan of Rs.4,50,000 last year in that account from her Current account with a condition of 12% monthly interest to be paid to her through bank transfer which comes to Rs 54,000 every month. There is no legal contract but we had to give two post dated cheques of Rs 2,00,000 and Rs 2,50,000 as that is the break up of the loan amount when she gave us (First 2,00,000 in March 2022 and Rs 2,50,000 in June 2022). She takes advance interest from us that is when she gave us the loan she deducted the first months interest and gave me. We understand that she has personally given the loan to us but she doesnt accept and she says that she borrowed it from her neighbour who is money lender and she became the guarantee to help us when we needed as she is a friend. Before giving the loan also she mentioned that she is just being the middleman as she is taking the money from someone else and giving us as she wants to help because she is a friend. Upto May 2023 we have paid her monthly interests without fail via Gpay from my husbands savings account to her account. Please note the loan came to our Pvt Ltd company account where my husband and I are directors and the interest money has gone out to her every month from my husbands personal savings account. We have paid a total interest of Rs 7,20,000. Whatever conversation we have had about loan and payments were verbal, over the phone or face to face or via whatsapp. Now since last month (June 2023) we have not been able to pay interest as our income has reduced significantly as we are in business. We now live in Mumbai and she is Kolkata Now she is harassing us everday for interesr or repayment of principal money. When we are offering to talk to the person who gave the loan to calm him down for sometime until we can arrange for some money, the friend is saying I am in middle the moneylender is harassing me everyday, he wont talk to you guys. We are assuming that no moneylender is involved. Our friend loaned us the money and she was running her household with our interest as she and her husband dont work. Now that we were unable to pay interest last month and beginning of this month, they have gone wild and pestering us beyond our imagination.
Thats the situation right now. I want to understand if she takes any legal step against us, what could that be and what are the ways to save ourselves in this situation?