Is it permissible to repay the loan from the amount obtained from liquidating the failing project, or must the partner be given his share of the liquidation amount while the loan remains the responsibility of the borrower?

If the loan is for the company, it is repaid from its funds before liquidation, and each partner takes their share. If the company's assets at the time of liquidation are equal to its debts, then none of the partners receive anything. If the debt is greater, the loss is borne by the partners according to each one's capital.