Bike accident

Hello friends, i met a bike accident which i was driving , i was going to meet my friend then a 90 year old man was crossing a road so i applied horn but he did not respond then i shouted to go back but he suddenly started walking fast to cross the road i also applied breaks but that was too late and then we both get hitted and accident happened and this thing happend so suddenly i cannot think then 108 ambulance came we got admitted in same hospital we both got injuries on next day his family members filled FIR against me after some days we both talked for compromise and they agree to do compromise and the 90 year old man is very good condition now FIR is registered under section 134 , and charges/section are 279,337,338,177,184,134 all are under motor vehicle act now my question is 1) can FIR can be cancelled if compromise is under process present status is i don't know if chargesheet is filled or not 2)can FIR and chargesheet both can be cancelled if compromise is under process 3)what can i do if i do not want to pay compromise amount 4)what will happen in court if we both agree to do compromise 5)how much time it will take to close all these things completely 6)will this case be closed in 1st hearing of court if both parties are satisfied with terms&condition of compromise 7)what documents will be made by lawyer in this type of case 8)what type of legal precaution i can take so that in future the opposite party cannot do anything with me and the case 9)any other good/expert advice please regarding this case and procedure will be appreciated NOTE:I have driving license and registered bike and this is first time in my life any case is registered against me