Indian penal code 279

Dear Sir, I had met with an small car accident while driving on National highway . A car from my right zoomed in from state highway ( it was a juction under the flyover ) Even after applying the break to fullest extent the legt side of my car ( front end ) got banged with the rear left end of the opposite car . Since it was at very high speed the collision made the opposite car to swirl . Incedentaly because of the divider being close to the opposite car , its wheel went on the devider making car to turn ( their ) up side down . There was no physical injury to any one riding opposite car . On road with help of people around it was made straight . The good part is we had no indecent scene at site . The driver of opposite car made a incedent report at site where a temporary post was exisiting . I too asked to police at end of his sttatement , why dont you take a story from my end as well , but they denied telling me dont teach us law. apparanetrly the nxt day FIR was lodeged by the opposite party . we were called in a week latter to go with bail( zamine ) and lawyer which we did so. for following six month there was no call from any one. after six month a summons came to appear in court and it was stating the reference of indian pinale code 279 & 339 we attended the court but for consequitive on 4 time the complainant did not appear on 5th date he appeared . and a option was given by public prosecutor if we wish to carry out a compromise . For me this was first incedent in life and i wish to be last as well .so was really not seasoned for such offer. at end we took time from court and look in to probability . incedentally the opposite party is asking a huge amount , which i am not very comfortable with . can i have some guidence on such incedents . and what are the eventuality if we do not strike the compromise .