75 lakhs loan

The posting suggests no legal elements.

You can not expect any guidance from the forum, as the settlement has to be done between you and the lender.  In case of injustice, you can file Pre litigation conciliation petition before Legal Services Authority.  Contact a local advocate finally, if the interest is charged abnormally. by the lender on loan amount.  Go to any auditor, show all transactions and get a statement as per contract interest rate, and @ 12% reducing balance method and arrive at the difference as it may strengthen your submissions.

If it is govt loan try to waive up it as is sick industry or any other remedy to reduce the loan amount thru kind hearted authorities with one time settlement

At the most the loan can be rescheduled and such amount can never be written off, and once the Bank has given that amount, there must be adequate securities.  Bank may scent the symptoms of sickness if they are alert, and may be waiting for chances of treating it as NPA.  Once it is in NPA, they have to proceed as per the laid down norms as it is public money, and for every NPA, there is a long story.