Negotiation of notice period

Due to family emergency, I have to quit my job with a notice of 2 weeks. But according to my company's policy my notice period is 90 days. I am willing to buy out the notice period, but manager replies due to project requirement you have to serve the complete notice period. Should I disclosure my personal issue to get a early release? Can employer blacklist me or take legal action against me? Can the employer force me to work and blacklist me if I am really not able to work? What is the legal way to leave the company in 2 weeks and get the experience letter? Policy: In case the employee requests to be relieved without serving the complete notice period, he or she is liable to pay a liquidated damage towards the shortfall in the notice period which is calculated based on the last drawn / maintained basic pay component of the home location salary of the employee. The company reserves the right to finalise the Date of Release. If it is in the interest of the business and current assignment, the company reserves the right to ask an employee to either complete the notice period or provide an early release. The company can adjust the earned vacation or basic salary in lieu of entire or partial notice period.