Reply to 101 notice

Hi I have taken loan of rs 5 lacs frm co-operative credit soc. In January 2016 for 36 months with an monthly emi. Since I have paid 6 emis out of them. But from JULY 2016 to till date I m unable to pay any amt. To the credit soc. In last 12 months I m in huge loss and can't pay my debts currently. Soc. Is demanding money and they have sent legal notice under sec. 101 to me and my 2 guarantors . Due to very huge loss in mkt. And no income since last 12 months I m unable to pay my debts. I also don't have any property or asset with me. One more thing I was taking loan since 2003 from this credit soc. Regularly and I have fully paid them before time without any default in last 13-14 years. Every time I have taken loan. But this time due to loss in business and no proper job or any source of income I m unable to pay them. So plz suggest what should I do and what is section 101 notice procedure. Plz reply urgently. Thank u