Notice pay - planning to leave the organisation without serving the notice period - What are my options?

I am planning to leave the organisation without serving the notice period and the clause in my notice period states that "The service is terminable by either party giving the other a 2 months notice or monthly gross salary thereof." Here it is not mentioned that the employee should pay 2 months salary or the employee should pay just the monthly gross salary (1 month). What are my options? Please help me with it.

You have already mentioned the separation clause in the appointment letter which is reproduced below:
"The service is terminable by either party giving the other a 2 months notice or monthly gross salary thereof."
which means either the employer or the employee can terminate the employment contract by giving 2 months notice period or gross salary in lieu of notice. Thus it is crystal clear that if you want to resign the services and quit employment without complying the notice period clause, then you have to necessarily deposit your 2 months gross salary to company.
Hope this clarifies the matter.

Dear Friend,
Our learned friend Mr. Nair gave you right answer. Still I would like to ask you what is the meaning of this clause "The service is terminable by either party giving the other a 2 months notice or monthly gross salary thereof."?
It is stated that either party give notice of 2 months or 2 months monthly gross.
Do you mean to say there is no mention of 2 months monthly gross? If yes, then your interpretation would be wrong.
By putting the word "thereof", your company or the person drafted the appointment letter, has covered the issue beyond the doubt, very well.

Thanks Mr Nair, and Mr Akhil for your insights. However, my employer is denying even the buyout. Does it fall in the legal purview to retain the employee against his own will, having not mentioned it explicitly in the offer letter?

Dear Syed,
I completely second with the replies of Mr Nair & Mr Akhil.
Clause mentioned clearly states : you need to pay 2 months gross salary if you are not serving notice period.
PL note: Finalizing your LWD (last working date) is in the hands of your manager /management basis your dependency in the team/project. Would suggest to have a fruitful discussion with your manager and let him/her know the genuine reason of requesting early release. Never ever get into Legal troubles!
1 Tip: Always end your any employment in a positive note whatsoever the reason!!
Regards
Piyush