You need to clarify, as there are various types of leaves and it varies fro company to company. All leaves are not encashable, encashment of leaves is entirely governed by company's leave policy.
Please check the leave policy.
Only encashable leaves can be adjusted against short notice period.
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Encashment of leaves is totally dependent on your organisation's policies. If your company doesn't have that policy, then all your pending leaves will be void. The company can ask you to payback notice period salary if you have signed a bond. Generally, the company will ask for the monthly payment that you were receiving as part of your salary.
P.S. - If you want to remain anonymous, please don't sign with your name:)
The purpose of having notice period in the employment letter are two fold, first is to avoid shock to the employer by sending in the resignation overnight with no replacement in place and two to see that the new employee or the person who is taking charge is suitably trained and made aware of the issues and responsibilities of the job. The higher the position you hold the more the responsibilities and so it needs time for handing over the job and here the notice period comes into play. Unless specifically mentioned it is not feasible for any management to allow their leaves to be treated as notice period, at least in full. The employer may ask you to at least hand over personally and see that there are no issues on hand for some period [about 3-4 weeks]. You may ask the employer to adjust part of your leaves as notice but make sure that both the parties are satisfied and you get no issues down the line. End of the day it is more to do with the policies of the company and management may ask you to work your notice period and pay your dues under Full and Final settlement.
Thanks and Regards