Is arbitration possible if case is still in court sec.420 & 505

Respected Advisors, In April,2017 we had made an Mahada/agreement with a party to sold my ancestral property to him by taking advance of Rs.7,50,000/- through Cheque after a few month that party breaches his promise and didn't pay the remaining amount even now property were not transferred to him. In the month of February he filled an FIR under sec.420 & 505 cr.p.c. against me. The case was brought before court We filled our "Jaamant Yachika" in front of District Court, but District court rejected our "Jaamant Yachika". But police were not arrested us. In the month of March party was ready to Compromise in relation to this at a sum of RS. 7,00,000/- at a single point of time and the rest 50,000/- to reduce the amount in lieu of Legal proceedings. But We were ready to pay Half of the amount i.e.3,50,000/- before compromise petition to be filled before court and the rest Half of the amount will be paid when the case reaches at their last moment. Party were not agreed same above. Now party force fully demands us to pay the entire RS.7,00,000/- at a single point of time outside the court amongst some people and witness through cheque. Question. My Question is this is any way to do the same above amongst some people/witnesses or arbitration or Outside the court. if yes, then Give me legal suggestions/legal proceedings to be followed. Thanking you, Indradeep Kumar Email-id : [deleted]