Mutually Terminate Employment by waving off 3 month's notice

Hi, I work in an IT firm and rated as under performer in Appraisal process. 3 month's notice period is stated in employment contract. I am being moved out of current project and there is an upcoming discussion regarding my performance and next steps with HR and Manager in next week. I would like to discuss mutual termination of employment by waiving off 3 month's notice by both parties. Since I don't like role and another offer is around the corner. Is this possible solution since it will save both cost, time and money to me and company? Please guide best strategy that I should follow.
Also, if contract is terminated immediately in next week, will I be paid July's salary on 1st August or 45 days during F&F settlement?
Thanks

Dear friend,
I think that you are a "workman" under sec.2(s) of the Industrial Disputes Act,1947 irrespective of the quantum of your salary and catchy designation. If it is so, as per the definition of the term " retrenchment " u/s 2(oo) of the ID Act,1947, termination of the employment of a workman on the ground of his under/poor/unsatisfactory performance amounts to retrenchment which shall comply with the conditions precedent to retrenchment enumerated in sec.25-F of the Act. Therefore, it may not be possible for your management to be dare enough to openly resort to termination on the ground of under performance as per specific term,if any so mentioned in the contract of employment. To avoid such an irksome situation leading to possible legal tussle, well, you can initiate a negotiation on the terms you mentioned.