I am one of the Directors of a Pvt Ltd company. My company entered into a commercial lease agreement with another company for a lock in period of 3 years at a certain rentals per month. However, we were not able to generate enough revenues to pay the rentals and started defaulting on the payments. After six months, it was verbally agreed to reduce the rentals but in spite of requesting to make a written agreement amendment they kept postponing it for another 5-6 months. Now they are telling to pay all the rentals or will take legal action. What options are available for me? As per contract, if we default on rental payment they can seize our assets.
We also have our business in other locations. Can they seize all our assets or can they just seize the assets that are in their property. Also, for the set-up etc, the company took a loan against one of my residential property (collateral), if they take a legal action can they also seize my residential property? Please guide me.
