IPC 1860 (u/S-279,337)

Sir, I met with an accident in Shimoga on April 2. I was on my bike riding through the main road, suddenly a bike coming from the opposite direction made a turn to enter a lane on the left of my road! He had not put any indicators for me to notice and he might have misjudged my speed also. I panic braked but still hit the rear tyre causing both of us to fall. He wasnt wearing any helmet and hence hit his head and got a head injury in addition to minor injuries on leg. I was fully geared and was thus saved even though i had hit my head first. This was my first ever accident and I was only concerned about the health of that person and was also ignorant of the accident laws. I am a native of Kerala but studying in Manipal and hence found it hard to understand the kannada language too. Now what happened is that a case is filed against me on section 279 and 337. A relative of the other person had called me up one day asking if they shoud proceed with the case or if a compensation could be struck! But the amount they asked for is 1.5 lakhs which as a student is far beyond my reach to give. Now what I wanted to know is the further proceedings associated with this, how long the case would take and will it just be a fine that i have to pay or will I be jailed too? Also, I want this case to be closed as soon as possible as my course would get over in 1 month and was looking forward to go abroad in search of a job. Also, I have full insurance, so wont the other persons compensation be paid by my insurance company.? Your help on this will be very much appreciated. Thanks