Hello Everyone
I agree that the employee should follow the rules. If he is ready to pay the said amount in lieu of notice period he should be relieved without creating a fuss. One thing to remember here is once an employee decides that he wants to leave the organisation, there is no point in retaining him forcefully giving reasons like replacement required. Because even if he abides by this, he wont deliver anything. He wont perform because he knows he is going to leave soon & that he is here just because the organisation is forcing him to. He will be just an extra cost to the company. So its better to speak to him first, know why he is leaving, if as an employee you feel that he has a valid reason, then let him go. But adhering to the policies is a must.
Regards
Jyothi