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Loan repayment issues

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  • Loan repayment issues

    5 years ago I started an exporting company. Profit was comparatively less, as it was a startup company. Also I had to face some financial crisis at that time. I borrowed an amount from a private finance. But I couldn’t repay it on time. I registered my company property to that finance company 3 months ago in order to close the loan amount. But they are saying property value is less than loan amount and interest. If I am not willing to pay the amount within 6 months, they will move legally against me. I was thinking of consulting some criminal defence law firms. But Is there any chance for out-of-court settlement? Now I have a job, if I get some time, at least one year I can repay the amount. I don’t know how to handle this situation
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