Employer threatening to buyout notice period

I have worked in a company for 3 months. Due to unexpected personal issues, I have resigned and not able to serve notice period as well. My manager is threatening me to serve notice period or pay one month salary else they go for legal actions. Currently I am not in a position to do any of those. My offer letter says "This agreement of employment may be terminated by 30 days on either side. Your employment with the Company may be terminated after giving a notice of 30 days (Basic+ HRA + Special Pay* + Project Allowance) in lieu thereof. You are bound to give 30 days before leaving the services of the Company. You will ensure that all your on-going activities are successfully completed and handed over as per the Company guidelines on the separation process. Depending upon business requirements, the Company may or may not accept your request to shorten serving of the notice period against the payment of salary (Basic+ HRA + Special Pay* + Project Allowance) in lieu of such shortened notice period. Company shall reserve the right to execute an early relieving during the notice period based on the business nature and requirement. Notice Period has to be served in full and no leaves can be adjusted against the notice period. The COMPANY holds the right to with-hold the full and final settlement as well as the relieving documents if the notice period policy is not adhered to. Any relocation expenses paid will be taken back in the final settlement if the employee resigns within one year of joining. If any joining bonus is paid at the time of joining, it will be taken back if the employee resigns within one year of joining." If i understand correctly, if I don't do any of those two, I will not experience letter. Is there anything that company can do apart from it