Whole Team Of Employees Asked To Resign Or Be Terminated

Hi, I Am/Was Working For An App Based Ecommerce Company, And A Few Days Back The Whole Team(Abt 50 Ppl) Was Called To Office And It Was Announced That We All Will No Longer Be Working With The Company From Next Day, And That They Are Shutting Down The Office. No Intimation Was Given To Us, Although They Did Say They Will Settle Our Dues Of Notice Pay Etc., But They Were Giving A PDC Which All Of Us Refused To Accept. The Co Founders Had Themselves Initiated Discussion With Our Team To Reach A Settlement, They Even Asked For What According To Us Employees Would Be Required Settlement(Severance Package). We Promptly Reverted With The Expected Settlement In This Case And How To Go Ahead With The Discussions. Their Replies Were Affirmative And They Asked Us To Name A Representative Who Will Discuss With Them For The Team. After That They Did Not Reply Further After 2-3 Mails, And Next Time They Said HR Will Take This Forward. Next Day (Saturday) We Get Mail From HR That Either We Can Resign And They Will Process FNF Acc To The Offer Letter. Or They Will Terminate Us By Monday. We Were Not Even Given One Days Notice For This. The Offices Have Been Locked And Nobody Is Allowed To Enter. I Just Need To Know Whether We As Affected Employees Have Any Power Legally In This Case And What Should We Do To Take This Forward.