BPO's are covered by Shops and Establishments Act of the state and you might be Easily covered by the definition of 'employee' as in 'West Bengal Shops and Establishments Act'.......................
Look into the clauses on Notice period/pay as in this Act. It should be max.30days, that too, as per length of service.
You may also inquire if the state Govt. has exempted your BPO from standing orders and if not standing orders may apply.If these are not certified then Model Standing Orders shall apply.
Model Standing Orders; Sec13-19: Notice Period during probation Period is NIL and after confirmation 30days.
Employer has to diplay standing orders at a conspicious place in office say notice board and can be personaly held responsible for violation of standing orders and penalized.
If standing orders are certified you may go thru these and check if your designation is covered by these.
Employee can demand an authenticated copy and empoyer has to supply even if against a nominal cost say Rs.10/........................................and employee or anyone can obtain the copy from certifying officer (that might be DLC at the location of Redg. Offcie of the company) or thru DLC at your location, against a nominal cost say Rs3/page.
These enactments shall prevail upon any private agreement/rule/policy that employer has signed with employee e.g. appointment letter/contract of employment/HR policy/Service Rules/service agreement/Employee handbook etc.................
Thus notice period/pay in lieu of notice period of 90days may not neccessarily apply to you.
The T&C in contract of employment should be equitable or these can easily be termed arbitray.
Can employee also decline to accept notice pay in lieu of notice period if employer has inittaed termination?
The employee's/trade unions in West Bengal have tradtionally been strong and support you.
IT/ITeS employees had formed union in West Bengal and were embraced by Trade Unions like CITU...................................
The employer on its part shall scream that you are not covered as 'Employee' ,'Workman' while your counsels may ask you a set of structured questions and may opine that you are.
Moreover it is test of law and even Supreme Court of India has laid decision in this regard.
Hope this shall suffice.
You may approach your able counsel with confidence and decide what is most fit for you.