You will not go to jail. Appear in Court without waiting for next date and get the  warrant cancelled by filing a petition under Section 70 (2) of Criminal Procedure Code, 1973 through an Advocate. Assure the  complainant you will pay him, but keep contesting the  case by taking time as long as you can. There is lengthy procedure, Court will first examine you, then trial will commence, complainant will examine him as P.W. No. 1 mark his documents, there will be your 313 examination, you can produce you evidence  and witnesses and thereafter arguments will be heard and judgment delivered. It will take not less than 2 years. Mean you can pay the  cheque amount directly in Court whenever you have that amount.  

1. Pay him some sizeable amount now and try to settle it out of Court by contacting the person to withdraw his complaint, who had given you the amount, so that you can avoid going to jail.

2.  Convince him to accept his money in instalments from you, as of now, since you are not in a position to clear his loan in one go. And also make it clear to him, that you are earnestly trying hard to return his money as soon as possible. 

You have to make application to court for cancellation of bailable warrant 

2) court would cancel the warrant on payment of some amount 

3) appear in court on each date 

4) cheque bouncing cases take years to settle 

5) you can make application for compounding of offence when you have funds 

Since you want to avoid legal action, it would be better that you appear before court, file an application under section 70(2) of Cr.P.C. seeking to recall the bailable warrant pending against you along with some sureties as may be directed by court.

You contest the case and drag it on as much as possible and in the meantime you can arrange for funds to repay the cheque amount and can get the case dismissed as withdrawn by the complainant once the entire amount is repaid or on a compromise out of court between you and the other party. 

Dear client I'm sorry to hear that what in this case you can ask for outside Court settlement in this case full stop if it does not work out you can appear before the court and seek remedy through your legal advisor.

- If you are dealing in stock market as a broker , then the investment on stock market cannot make liable to you for the losses. 

- Further, if you have not guaranteed him for a profit in the trading , then the liability to pay the loss amount cannot be proved before the Court. 

- Since, you have issued a cheque for the reimbursement for the said losses , then you can contest the case after appearing before the Court after taking bail from the said court , and which is granted without any conditions. 

- Further, during the trail of the case , you can compromised with the complainant on a reasonable amount and you will also have much time to pay the same . 

You can contact me, if further suggestion needed. 

You need to contest the case or settle the same