Short fall of notice period

Hi, I'm currently working with MNC in Hyderabad and as per my appointment letter there is 30 days notice period in Lieu of salary. As per appointment letter:- "Your appointment has been done after an extensive process for an important position which requires your skills and experience. This appointment may come to an end at the instance of either party by giving the other a notice in writing for one month. Your reliving from the services of the company would be contingent upon successful serving of the the full and complete notice period. Failing to do so would entitle the company to recover damages for all losses caused due to shortfall in serving of the full and complete notice period. The company in addition to its right to recover damages will not furnish a relieving letter in case of shortfall in the notice period unless such shortfall has been signed off by the appropriate person in the company. In exceptional situation the company reserves the right to waive off notice period at its sole discretion " Kindly suggest me what course of action I can take as I won't be able to serve the notice period fully.