Leave Encashment Compulsory Or Not

Dear Sir,
I have worked in a pharmaceutical company from june 2006 to June 2011
completing five years of tenure.
After resigning am i eligible for the leave encashment .
As in the Joining letter it is written " An employee shall be allowed to accumulate privilege leave upto a maximum of 21 days and leave in excess to 21 days will automatically lapse. Encashment of privilege leaves will not be allowed.

can this 21 or accumulated privilege leaves be used as the notice period before resigning .
So am I eligible for leave encashment and whether i can avail my privilege leaves during my resignation as the Notice period
Kindly Guide me in this matter.
Thanks & Regards

Dear Saurabh
As per facts shared by you, you cannot have encashment of your earned PL.
Since as per your company's policy these leaves do not carry Cash value, I doubt that it can be adjusted against the Notice Period.
It depends on company’s Goodwill..Whether to agree or not.
Regards
Shailesh Parikh
Vadodara, Gujarat
99 98 97 10 65