Can employer force me to serve notice period without compensation

I am working in an IT/Software company for last four years. I have resigned from service. Can my employer force me to take release early without any compensation as no work is assigned to me. I want either to serve full notice period or get compensation as per law. The terms and condition on my offer letter states * In case you wish to resign from the service of company, you will required to serve the full 60 days notice period to enable proper handling over/taking over and transfer of Information. In case 60 days is not given the company may not be liable to pay any salary or benifit and issue documents/certificates. *In case you wish to leave without serving 60 days notice required, it is up to company to accept early relieving and in no circumstances you being ready to pay the shortfall in notice period would be acceptable until and unless the company's management is in agreement. * The company any discretion may accept the resignation and relieve you immediately or at date earlier than the date of relieving as requested by you without any liability on the notice period cut short.