Dear Mr. Gaur,
In general, most companies have two categories of employees, i.e., Manager and above, and below. Up to Dy. Mgr, the notice period will be one month; for Manager and above, it will be three months.
The company may decide based on the criticality of the employee/position. As far as I am concerned, if the notice period applies to both employees and employers, then I don't see any issue.
Nowadays, if organizations are highly impressed with a candidate and are willing to forgo the notice period amount, as well as clear any loans provided by the company, I believe we should prioritize Employability over notice periods, etc. In the worst-case scenario, if management no longer requires your services, they should also provide a three-month notice or payment in lieu of notice period, giving you ample time to make arrangements. Therefore, I don't see any issue if the notice period applies to both employees and employers; if it is one-sided, then there might be an issue.
With best regards,
Kameswarao