loan recovery

I have taken a loan of Rs 400000 under working capital loan from IIFL for 1 Years. But due to loss in Bussiness I am not able to pay the payment to IIFL. Recently IIFL deposited my cheque in bank and bounce and now he is saying we have arrest warrant against you in cheque bounce case if you don't pay. But same time I have received letter from IIFL Arbitrator and I meet today him and he is saying to give me WS( written statement) . I have not given him till now. but his loan collection executive is not ready to listen any thing that I am in financial problem. he is coming early in the morning and insult me in the front of people. he is shouting loudly . please suggest me my cheque is bounce and I want atleast 3 months time for full payment. he is saying that he will call police for my arrest tomorrow.