you must see the terms mentioned in your appointment letter . Company can ask you for some penalty to be paid only but they can't bind you to work against your wish.. 

See negotiation is on mutual understanding between you and employer as per the wording of agreement company can only waive of the notice period you cannot force company to accept payment  in lieu of unserved notice period you can only propose. 

As per these terms you need to serve the period.

No need to worry you just give resignation letter via your personal email id to HR and ops management.

And if possible one hardcopy to hr clearly mentioning your last working day and taking acknowledged on it.

You cannot insist the company to waive the 90 days notice period by indicating your willingness to pay for the remaining days of notice period.

The action that may be taken by the company if you abscond by submitting the resignation letter  would be :

They may not issue relieving letter or experience certificate,

they may not settle your F&F;

they may declare you as absconding and may terminate your services.

they may give an adverse report when the new company is seeking background verification about you

However there is nothing wrong in submitting your resignation with 30 days notice period and your willingness to compensate the company with your pay for another 60  days notice period.

Let them give a reply in writing so that you can plan legal action, if necessary after that.

They have clearly mentioned that it is the discretion of the company so you may not take a risk.

The Contract will say something like 3 month notice period or pay in lieu of the same; but the choice will be at the discretion of the company.If an employee does not serve notice period and does not pay the salary amount for the period of default, the company may dock the amount from his dues; or send a legal notice asking for repayment.Issuing a relieving letter is not mandatory; only settling of dues is essential.There is no way that the company can force you to serve the full notice period.The clause in the employment agreement usually states "ninety days’ written notice or three (3) months’ gross salary in lieu thereof". Therefore if you are willing to pay the company should not raise any objections.

So completing the notice period and get a proper relieving letter; else you will have a lot of explaining to do in your next company.Under Indian law, a non-compete agreement post termination of employment is not enforceable against an employee.

Hi,

If you have found another job or you have completely decided to leave the present job, you are suggested to serve a legal notice citing the said provisions of notice period and ask for buy out of notice period. At the last resort, you may approach labour court to get the relief.

It is at discretion of company to waive notice period of 90 days 

if you fail to serve notice period company can declare you an absconder 

It is in your interest to serve notice period 

if you fail to do so company can declare you absconder terminate your services and sue you 

You can complaint the same before dy labour commissioner.  You can also file case in labour court

as per the clause you are bound to work for notice period as the company is the sole decision maker in this regard,

if you are going for some other job, then follow the company and work for the notice period,

if you are willing for the legal battle,

take them to the Court as the said term is against the principle of justice and equity,

Dear Client,

If you allow them to deduct from your salary then you need not to worry. They will deduct from your salary for unserved notice days. 

This is my response to you:

1. There might be more clauses in the company policy?

2. You must gain access to all such information;

3. You will have to serve the notice period;

4. Otherwise give them a written letter stating that you wish to buy-out the notice period;

5. Consult a local lawyer, discuss full facts and take steps.