sale of house

Respected Members,

Hope all is well from your end

I have a problem and need some good advice from all of you

I have sold my flat on 3/12/2007 as per the sale agreement the flat was valued at 33.50 lacs and the buyer paid RS 10.Lacs as earnest and balance money was to be paid on or before 3/2/2008 but the problem is the buyer has not paid the money at the stipulated date and he has lost is job and unable to get housing loan now he is avoiding me when i tell him to cancell the deal he refuses on the second part i have purchased the flat i have to pay the money to seller on situplated date or else he will forefiet the whole amount
now i am in fix

please advice what to do

awaiting for your reply

vinod