Dear friend,
As you are aware, ' resignation ' refers to the act of unilateral termination of the contract of employment by the employee concerned. In such a case, notice period , if any, already mentioned in the contract of employment would imply the period between the submission of the letter of resignation and the effective date of resignation specified by the employee.
" Acceptance of resignation" by the employer is only a stage in the process of resignation depending exclusively on the terms of the exit clause in the contract of employment. It can be exercised by the employer at any time between the date of submission of resignation letter and the effective date mentioned therein. If the employer simply sits over the resignation letter, the employee has the right to walk out on the expiry of the notice period.