As per my experience, first, you should trust the employer. Nevertheless, the company might have put a clause in your letter of appointment that "during the course of your probation period, the company reserves the right to terminate your employment giving the notice period" OR "after the probationary period, management may review your performance for further course of employment." Therefore, if there is a clause, I don't think there is any legality in moving to the Labour Court. Furthermore, management may say that you are not up to the mark and they are not satisfied with your performance. Normally, 90% of companies commit to their word. In the present market scenario, going legally is not called for, and this may affect your future career as well. As suggested by other members, take the money and go.
Anyway, all the best.
Regards,
Vijayan