Sahil,
you're an employee. You have a contract of employment. In this contract of employment, in exchange for their paying you, you have to give them notice of your intention to quit. Which you are now trying to renege on? Either resign, and see how long they keep you for, and honour your contract. As they used to say on Stock Exchange " Dictum, mayum pactum" Brutal, but then so is the real world....