Dear Navindahiya,
As per my experience, first you should trust the employer. Nevertheless, company might have put a clause in your letter of appointment that "during the course of your probation period, company reserves the right to terminate your employment giving the notice period" OR "after the probationary period mangement may review your perfomance for further course of employment" viz-a-viz, and therefore, if there is a clause, I dont think that there is any legality in moving to Labour Court. Further, management may say that you are not upto the mark and they are not satisfied with your performance. Normally, 90% companies commit their word. In the present market scenario, going legally is not called for and this may affect your future career also. As suggested by other members, take the money and go.
Any way, all the best
Rgds
Vijayan