What legal action bank can take for non payment of loan

I have a personal loan of 10 lacs in HDFC taken last year in June, due to change in job, reduction in salary and medical emergencies in family, I'm unable to pay the EMI of 22900.00, I've asked bank to restructure the loan, they have denied my request, I have asked bank to allow me time (atleast 1 year) to recover financially, I missed 6 EMI's till now, now they are stating that they will take legal action and put me in jail, I told them that what would they get if they put me in jail? I asked them to allow me 2-3 years to clear all dues, I told them that I will pay every penny, but in the current situation I'm unable to arrange the money, does the bank can really put me in jail?? Though I have all the intention to pay, if they are taking legal action against me, does court will listen to my side of story and allow me time to pay the amount?