Can I serve one month out of three months notice period to take another offer?

Hi,

Good Day

I would like to inquire regarding my case.

Currently, I have a limited contract with 3 months notice period. My first contract started in November 2020 and ended in 2022.

I recently (December 2022) renewed my limited contract after finishing my first contract with the same company. Now I got an offer from another company with a 50% hike in salary and the new company can hire me only if I join within a month's time.

My present company is having 3 months notice period. I am willing to serve 1 month's notice period and ready to compensate for the remaining two months.

My current employer is not accepting this and asking me to serve 3 months. Is there any option that I can move out after serving one month's notice period and without getting a labor ban?

Kindly advise.