This is not securtty cheque but for payment of EMI.
The lender is fast and smart that they have initiated multiple actions.
1) First you must object to the appointment of arbitrator since once the arbitrator gives the award you will have very limited options.
BEFORE THE ARBITRATOR GIVES AWARD YOU CAN OPPOSE THE APPOINTMENT AND STALL THE PROCEDDINGS .
2) conste the cheque bounce case with proper legal guidance whicn can be won.