Employer Not Ready For Notice Period Buyout Option

Hi, I have completed the probation period. I am planning to resign from my current company by serving a one-month notice and paying for the remaining two months, as the total notice period is three months. The phrase mentioned in the offer letter (not on bond paper) is as follows:

"Upon completion of the probation period and confirmation as a regular employee, you or the company may terminate your service at any time by giving a 90-day notice or basic salary in lieu thereof. However, due to exigencies of business, the company may, at its sole discretion, reject the salary in lieu of notice and ask you to serve the entire or part of the notice period. You shall not be deemed to have been relieved of your service except upon the issue of a letter by the company to that effect."

Can anybody please let me know what implications/legal actions there might be from the company towards me...

Well, intelligent friend, I am sure you are looking for:
a. a relieving letter from the current employer
b. expecting a full and final settlement
c. expecting an experience certificate from the current employer

And you would not get it because you seem to have decided to disappear without serving your notice period. Plus, do note that many employers have started using background check agencies that conduct a thorough check on your past. This behavior of yours could find you in trouble at a later date. I know of employees who were terminated by the new employer upon receiving a negative background check report.

Best of luck and pray that your past does not catch up with you.