Dear Latha,
You need to serve your notice period as per the provisions of your appointment letter. There is nothing to "plan" about it.
You have written that "have been hearing from various resources on the non payment and threat of no reliving letters from the company even after serving notice period". Let me specify not to worry on this count. On completion of the notice period, if the employer pays you the salary then well and good else find out the office of the Labour Officer (LO) of your area and give an application to him on non-payment of wages. However, you have go there personally and explain your problem to the LO. When you go there, carry with you proof of your employment like appointment letter, identify card etc.
Please note that LO is different from labour lawyer. Govt of India as well as state governments have created labour offices to solve the problems of the workers. Since you nobody reports to you, under the provisions of Industrial Dispute Act, 1947 you are classified as "workman" and this act is in your favour. In contrast, labour lawyers are professionals who work in their personal capacity. They can issue the notice to the employer and if the employer does not respond, they file a suit. However, lawyer's services come with hefty fee. Whereas services of LO are free. Possibly he may tell you to provide "Chai-paani", which anyway you will oblige. Please speak in local language while at Labour Office.
In fact holding the salary for the month of Jul 2017 is also illegal. Write email to him to release the salary. Keep with you the printout of the mail. It might be helpful to you as evidence.
If you face any problem come back again to this forum.
All the best!
Dinesh Divekar