My employer is asking me to resign without notice period/severance

I began my tenure at a startup in a managerial role approximately three months ago. Recently, my employer informed me of a funding shortage, stating that they are unable to sustain my position, and requested my resignation without any prior notice period. Per my employment contract, I was to undergo a probationary period of two months, with a provision for a two-month extension or termination without notice in case of unsatisfactory performance. Upon successful completion of probation, the contract stipulates a one-month notice period post-confirmation. Following the initial two-month probation period, there was no further communication regarding an extension or confirmation of probation, and regrettably, I overlooked this aspect. However, my employer now asserts that I remain under probation for 120 days, rendering me ineligible for a notice period upon termination. In light of this situation, I seek guidance on how best to proceed. My employer is based out of bangalore and I work in delhi