Personal loan harredment

I have taken personal laons and credit cards loan of 7 lakhs, and repaid around 2,50,000 for personal loan EMI, now the bank started harressing me for non payment, without job, I am finding lot of difficulty to repay, which i have invested in share market resulting to huge loss of Rs. 12 lakhs (over all losses which i have all the supporting documentation) I was into this share market from 2007. No other source of income now(no job since 18 months). Now, I am left with zero balance. I am not able to repay the loans. Please advise if I could file insolvency petition against banks. And, what could be the adversities i may face from the bank. is there any existing law to file insolvency against the banks.