Examption for loss paid to other company as partner

Dear all,

I was a partner in a company till 2002. The company was in loss and ultimately the unit was sold out by govt. agency from which loan was availed.

Now, I have decided to clear my name from the list of defaulters of that company and so I paid all the dues (on behalf of other partners) of govt. institution.

Now, My question is am I eligible for exemtion of this amount say Rs. 2,00,000/- as loss in my personal account?