FIR would not be withdrawn 

2) file for quashing in HC based on settlement arrived at 

FIR cannot be withdrawn 

The FIR cannot be withdrawn if the FIR is false file quashing before the high court and the complainant can support you . The high court shall quash the FIR.

Quashing is possible withdrawal is not possible.

Dear Sir,

Anytime before charge sheet is filed he can withdraw complaint by writing a letter to the Station head of the police station where FIR is lodged. If the police refuse to withdraw complaint, you can ask accused to move to get complaint quashed and give evidence to judge and they will withdraw your complaint.

such cases can not be compounded and thus no permission can be given by court.
can be process by mutual quashing by parties.

Dear Client,

No such provision to withdraw FIR, but charges u/s 408 can be compounded by the permission of court and 120B can be quash by High Court. Tell your colleague to give statement to police that, charges are false and made in haste and misunderstanding. 

FIR can't be withdrawn you need to quash the same before HC.

Safest procedure is to pursue at the police station that to close the FIR remarking that parties has gone to out of court settlement and file a compromise signed by both the parties in presence of SHO.

Hi, 

There are 02 ways, now to get rid of it. Give favourable statements during investigation and close the case or to approach high court for quashing. You may choose any of feasible options.  

Once registered, an FIR cannot be withdrawn. Either during the course of trial your statements in his favour shall help your friends case of defense and he will be acquitted OR he can go for quashing of the FIR in the HC.

Dear Client,

FIR can only by quashed by the High Court. Apply for quashing the FIR in the concerned High Court.

The FIR once registered cannot be withdrawn, however he may request the police with an application to close the case based on the compromise with you, the police may file a closure report which is called B report, then the court will summon the defacto complainant to record his objections for closure of this FIR, if he says that he has no objection then the court may accept the B report and may pass orders to close the FIR.

The complainant cannot withdraw his complaint once the FIR is registered, hence the steps suggested in my previous post may be followed to get relieved from this crisis.

1. As per the information mentioned in the present query, makes it clear that FIR has already registered.
2. And once the FIR has been registered there is no way to withdraw the same, but to get it quashed from the Hon’ble High Court only.
3. You should make a settlement deed and put that along with the hashing petition and the same will be hashed by the court of law.