Separation process of employees

Dear Members, I work as HR in a Pvt Ltd Company in Bangalore. The company's operation has closed due to funding problems. Now it is impossible for the management to run the company. We have 120 employees (all white collar). We have to ask the employees to leave from 1st Feb 2020. We don't have money to pay the dues (salary and notice period) now. Please find the letter draft and give your opinion in this matter. January 29, 2020 To Name: Employee Code: Designation: Location: Dear Mr. X, The Company has experienced acute financial difficulties over the last several months. We have explored various options, including the efforts to attract investments. Unfortunately, our efforts have not resulted in any positive outcome. Further to our meeting held on DATE, it is with regret that I have to inform you that your role of Designation/Role with Company has become redundant. The Company will relieve you of your duties with effect from 1st February 2020. This decision is aligned with certain recent critical business decisions taken, and not related to the performance during your tenure, which has been entirely satisfactory. As discussed during our meeting, the terms of your exit are as follows: 1. Your last working date in the Company will be 31st January 2020. 2. Kindly return all the official documents and company assets (including laptop, ID/Access Card, Data Card, etc) that may be in your possession. 3. The dues towards the salary for the months of December 2019 & January 2020 will be paid along with Full & Final Settlement within 90 days of your relieving date. 4. The Company will pay for the Notice Period as per the terms of your Contract of Employment with us. Please accept our appreciation for your contributions during your employment with Company. I am happy to answer any queries or questions you may have. For Company, XXX Head – HR