Hello Everyone,
I agree that the employee should follow the rules. If he is ready to pay the said amount in lieu of the 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 organization, there is no point in retaining him forcefully, giving reasons like replacement required. Because even if he abides by this, he won't deliver anything. He won't perform because he knows he is going to leave soon and that he is here just because the organization is forcing him to. He will be just an extra cost to the company. So it's 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