Am I Entitled To Receive Any Notice Pay, While Wrongful Termination If It Is Mentioned In Appointment Letter?

I am working in a pvt Ltd Company located in Ahmedabad, Gujarat which dealing in manufacturing of Engineering Goods (Pumps). Due to recession, Company want to terminate 10% Employees (10 Employees in Numbers) with out any notice or notice pay. But, it is written in appointment letter "termination of Employment is done by either side by giving 1 month notice or its equivalent pay in lieu of notice." Company is forcing us to sign on Resignation letter and also on Non Disclosure agreement. Non Disclosure Agreement includes the statement that we can not join any competitor organization till 3 years after the date of leaving the company. Should we sign on Resignation letter and non disclosure policy, in this case? As per MD of the Company, if we join any competitor company, then they will file a case for exchanging the Company Important data to competitor, but we have not any Important details of company with us. Is there any remedy for this? Please let us know that what can we do in such situation?

What are our rights in this situation?

They cant't fire without notice and without any justification. At least they shoud honour the appoitment letter and retrenchment compensation.
If you are workmen (as per the ID act), you can get the ramady in labour court and if you are the staff you can get it from civil court.
Regards,

You can refuse to resign; let them sack you. I am sure you can report it to the appropriate authorities in your area.

Thanks to all of you for your replies. But, what about Non Disclosure Policy? Is there any other way to come out of it without going to court? As, it takes years to come at any conclusion & Court Decision. If we raise this issue to court, then which extra evidences required for this?