See my response below:
Q.1) Is there any possibility for a police warrant without any prior legal notice?
A.1) Legal notice and warrant are two different things altogether. Notice is issued by police or judge under different sections of IPC which would be requried to be served as per the address given by the complainant.
Warrant is issued only by a competent court of law and police assists the court in successfully executing such warrant.
Warrant can be issued by the court without issuing a notice seeing the exigency of the case. But generally when the warrant are not executed due to address incorrect, then within 2-3 court dates, the court issues orders under S.82/83 IPC for proclaimation. This goes into print media like newspapers. But in my view, your case is not that severe that court would issue warrant directly.
Q.2) If by mistake we do not receieve any legal notice which court might have ordered, will there be any possibility of police warrant?
A.2) As explained above, only court has power to issue warrant. And yes, certainly if the address is incorrect, court would issue warrant. But as your case does not fall into the category of criminal, there are less possibility of warrant and police action. Yours is a civil case as a defaulter.
Q.3) What do you think would be our stance in this case as the collectors are continuously harrassing us over nothing!!
A.3) As rightly suggested by @Nadeem Qureshi, you can approach your local police and complain regarding this harrassment. But I would suggest not to do so. Our police is popular for harrassment and in your case you are the defaulter. Hence when you would approach the police, there are more chances that your harrassment would increase in the hands of police.
In my considered view, you send a formal reply to India Bulls stating your economical condition. Clearly and briefly explain what has happened and that you are also willing to pay but may be you need time. Hence the Loan Company give you some time so as you can gather resources to pay back. When you would send such a formal letter, they would certainly respond. If they respond positive, you luck, but if they do not deter or send any negative reply, I suggest you approach Consumer Court. It is a different matter that you are defaulting but that does not mean they can harrass you. To recover their money, they did all investigation and that is when they sanctioned your loan. But now if they are not able to recover it is their headache. I strongly feel you would get relief from consumer court easily in terms of time to repay the loan.