FIR in minor car accident, but no one injured

While I was driving my Maruti WagonR on highway at night, due to poor visibility I hit a police stopper. That stopper revolved around and struck with a Mahindra Scorpio coming from opposite side, due to which front right tyre and front axle of that vehicle got damaged, but no one damaged at all. Since this accident occurred in front of local thana, police came, took cognizance of the accident and gave me and another party the options to either settle our own or file an FIR. I apologised the other party, offered him to pay for towing the vehicle and assured him that he would get repair money from insurance company, we both gave separately in writing to police that I struck with the stopper on my own and do not want any action. However in later days, the another party called me and asked me to pay his total repair bill of Rs.65000 and when he would get the claim from insurance company, he would return me the money. I said him that I had already paid him for towing charges and now I cannot give him money, then he started threating me about filing an FIR. Now what should I do?