Can I Negotiate My Notice Period Buyout When It's Not in My Contract?

I am working for an MNC in the IT sector. I have a 3-month notice period in my current job. I have received an offer from another company, and they are asking me to join in 1 month due to an urgent requirement. They are ready to buy out the 2 months' notice. As per my offer letter, the buyout option is not mentioned. Below is the termination clause mentioned in my offer letter:

Termination Clause

Your employment may be terminated at any time by yourself, or by the Company, upon providing three months' written notice to the other party. In the case of the Company, termination may be effected by payment of salary equal to your notice period not worked as payment in lieu of notice.

For some or all of the notice period, the Company may require you to take garden leave (and not perform any duties), to work from home, or to perform alternative duties.

If I understand correctly, the employee doesn't have the option to buy out; however, the employer can terminate the employee with the compensation of payment salary equal to the days the employee didn't serve in the 3-month notice period. Please correct me if my understanding is wrong.

Also, please suggest if there is any option to reduce the notice period within the above-mentioned clause.

If I fail to serve the complete notice period, what are the legal actions the company can take?

Please talk to the HR Department. There is an option like a buyout policy. Even if it is not mentioned, also consider discussing it with them to explore any potential flexibility in your situation.