Transfer of business debts

I am the Proprietor of a Proprietory Concern. Now, in the name of this concern, I have a Collateral Free Bank Loan of 40 Lakhs which I am not being able to repay. Hence my firm is on the verge of going into NPA. I have two friends who earn well and who are willing to take over this proprietory concern and change it to a Partnership under the same name. They are interested to run this business of mine and are willing to also takeover my firm's existing Bank Debts which they would be paying off in time. Is such a conversion legally possible? Can the my firm's liability be transferred? Are there any laws which I may refer to in this regard? How to proceed with this?