When you joined the Company you signed the contract which is the bond. If you are leaving the company then there violation of the Contract from your end. The Violations and it's effects will be stated in the Contract itself. Even if you escape without informing the Company, Company may withhold your Relieving Certificate or Order that could jeopardise your future employment prospects

It is not a criminal case. So it is not same as taking loan etc.

Without seeing the contract, noting much can be told.

Also, one way out is showing that you are medically unwell and undergoing a medical treatment.

1) Once you have signed bond means you have to obey all terms and conditions of it.

2) Either you complete the bond period or pay them amount as per bond.

3) Yes, bank can sue you regarding this agreement.

4) You are liable to them and complete the period.

5) Only on medical ground they can come to settlement with you.

Under the Indian Law, the employment agreements with negative covenants is valid and legally enforceable if the parties agree with their free consent i.e. without fraud, coercion, undue influence, mistake and misrepresentation. ... Indian law mandates the employment bonds to be “reasonable” in order to be valid.

Though the bond, that any organization signs with an employee stands null and void as per the Constitution of India but employer may initiate action against you for recovery and till judicial verdict is in your favor, the  bond conditions are applicable. 

the Madras High Court in Toshnial Brothers (Pvt) Ltd v E Eswarprasad & Ors held that the existence of a legal injury accruing as a consequence of breach is a pre-requisite for claiming liquidated damages in accordance with section 74 of the Indian Contract Act, 1872.  In other words, the employer must show a legal injury automatically resulting from the breach of the commitment to serve for a minimum period.According to the Court, a presumption of legal injury arises incases“where the employer or the management concerned was shown to have either incurred any expenditure or involved itself into financial commitments to either give any special training either within the country or abroad or in having conferred any special benefit or favour to the detriment of the claimant in favour of the violator involving monetary commitments.” The inevitable conclusion from the foregoing decision is that the employer must prove that the employee was the beneficiary of special favour or training or concession at the expense of the employer. Otherwise, actual injury accruing as a result of the breach would have to be proved.

Thus you may wait for the employer to initiate legal steps in this regard which can be challenged on the basis of their claim for this.

you would be liable to pay bond amount as you have failed to serve bank for period of 2 years 

2) you have to pay for shortfall of one year in serving the bank 

3) you have committed breach of contract 

4) legally you are liable to pay 

1. After having signed the contract you cannot escape from your contractual obligations. A contract is not an advisory, it is binding on both parties.

2. If you do not honour the contractual obligations then employer can file a suit for recovery of money in the civil court to recover liquidated damages and cost if litigation. 

Having signed the service bond, you were mandated to serve for the Bank for the entire period of bond.

Try speaking out to the HR people of the Bank and plead leniency.

At anytime the Bank files a case against you, you will have enough material to defend the case. No need to worry. 

If you sign the agreement bond stating that you dont complete two years of service, you are liable to pay 3 Lakhs?. in that case you have to fulfill the terms whether continue or pay the amount as you have declared.

Check the agreement with local lawyer, who can point out loop hole and advise you to do. Give reply to their notice stating that health issue, most probably, you can come out from this. 

All the Best

Sir, you should know that if there is the way how to join a organization then there is also a way for the separation from that organization if both things have not been followed then contract has not been complies with so no body can put you on the leash and it is up - to you whenever you like to exit you can but by following the contractual obligations. Have you resigned and waited for the relieving orders or not , if it is not there then do it now with humble request to waive off the remaining period and it will be better to please meet them personally if they don't allow you put mail containing all the facts , that how you went to them and they deny it so that recovery proceedings may whenever be initiated can be fight strongly from your side.

It is a breach of contract. They can file a suit against you for breach. However in India generally it is not filed if the company has not invested a lot of money on you.