Payment in lieu of notice period dispute - bank reserves the right to not accept the payment

Currently, I am working with a bank and I have got a better opportunity but I am bound to serve 3 months notice period which is not possible. In my offer letter, it is mentioned that the bank reserves the right to not accept the payment in lieu of the notice period and at its sole discretion, it may force to complete the notice period. Can anybody help with this situation as to what should be my next course of action?

Dear Prateek,

When you know well in advance that the exit clause pertaining to acceptance of payment in lieu of notice by the employee on his resignation is subject to the discretion of the employer, how come that you accepted the new offer of employment without sufficient time for joining? Conditions are to be followed only and not to be flouted according to one's convenience. Better try to convince your present employer or serve the notice period in full under intimation to the prospective employer.

Dear Prateek,

Try to convince your line manager and try to convince them. And moreover no organisation can force and employee to work if the employee is already giving a discreation not to work in the company as per the constitution.