Notice period buyout an option as per indian law?

Hi Team, I am an employee in an MNC for around four years. Currently I have got an offer from another company with a better role and salary. The notice period in my current organization states that I got to server for 2 month. However the organization which has offered me is requesting for me to join in 1 month. I have applied for resignation on 8th Dec 2014 and the joining date in the offered organization is 7th Jan 2015. I spoke to my HR team and my project and they are forcing me to server 2 months of notice and they cannot relieve me before that. I have requested the project and company to give me a Buyout option where I can pay whatever the compensation is. However they are not ready for that. Please find the agreement below: · 1. An Employee shall resign from the services of the company only after serving a written notice of 60 days to the Team /Line / Project Manager showing reasonable ground for resignation. · 2. An employee who is under the Service security bond shall be allowed to resign from the services only after the completion of the stipulated period of service as given in the Security bond. This does not include any cases of Poor Performance / misconduct. · 3. Any employee leaving the services of CSS Corp without serving the full notice period shall pay equivalent of his/her Gross Salary (fixed components only) for the unserved portion of the notice period. · 4. The decision to accept notice pay in lieu of notice period shall be at the discretion of the management influenced by the business conditions and the employee will have no right to exercise it on his/her free will. · 5. The decision to waive notice period, under exigency, shall be at the discretion of Director – HR or any other higher authority in HR. The grounds for such action should be substantially justified and stated clearly in the No Dues form by the competent authority. With regards to this, I have spoken to my project manager, Director, AVP from operations and HR, HR Manger & HR Director. HR team is redirecting me to get an approval from operations team. However the operations team is not ready to relieve me on the requested date. Is there anything legal which can be done to come out of this company on time. Does any law apply in favor of the employees in my case. Absconding is not an option and I don’t want to do that since it might cause issues with my professional carrier. Please advise. Thanks in advance, Sukumar