legal action against cradit card payment

Dear sir, I was using sbi cradit card Before 2 year. Card limit was 85000/-. I was used this and also pay some amount on monthly basis but due to bad financial condition I was failed to paid this amount since last 1 year. Now total outstanding amount is 120000/-. also I was discuss with bank for settelment. But now my financial condition is very bad and I am not able to pay this amount, recovery agents calling me on regular basis also I got a call from a police man he told me that bank file a fir against me and look out/ arrest warrant has been issued against me because I am not paying to bank so could you tell me that is it possible. If possible then what should I do. And which types of legal action can take by bank against me. Pls suggest me coz my financial condition is worst. And I am not able to pay this amount. Pls provide me suggestion & solution.