If the company releases an employee before the 3 months notice period will they pay salary in lieu there of ?

Dear Sir/Madam,
My employer had asked me to resign with immediate effect as my services are not required by the company.I have immediately sent a back dated resignation letter referring to my appointment letter wherein it is mentioned that a notice period of 3 months have to be given by either side or salary in lieu thereof.
Can they release me before the 3 months period with salary or I need to serve the notice period ?
Seek your valuable suggestions.

It depends on the type of resignation submitted. If the resignation is a prospective one i.e., taking effect from a future date, either he should serve the entire notice period or buy out it subject to the discretion of the employer. If it is with immediate effect, the employee has to pay the notice period salary.
In the case of a prospective resignation, the employer can relieve the employee forth with but should pay the notice salary to the employee.
The poster seems to have very intelligently handed over a back-dated resignation but silent about what his intention to do with the notice clause. In the event of not mentioning his willingness to serve the entire notice period, If his employer is a law-abiding person he will honor the exit terms of the contract either by accepting the resignation and ask him to serve the entire notice period or to pay the notice salary in lieu thereof before his relief. If he is equally smart and considerate, he will waive the payment of notice salary by the poster and relieve him forthwith as the sudden move of the employer seems to be that of redundancy.