Does company have right to hold resignation?

I resigned from my current company because I got a new job in another firm but they refused to accept my resignation and instead said to come back on Dec 15 and then it will be effective from Jan 15 next year. At the same time I will have to pay 2 months salary but the new company will wait only until the 2nd week of Dec. My question is does my current company have the right to hold my resignation? I have been now 4 yrs in the company.

Name withheld

The company can’t tell you when to submit your resignation. All you have to do is submit the resignation from the day you want.
Their response is just like telling a firm which fires you “Sorry can’t except your termination notice today, come back after two months.”
No, the company is wrong. You can resign immediately but you have to give a 3-month notice and complete it, if the company so desires.
If the company doesn’t accept your resignation, just submit a copy of the same to the Labor Office in your area.

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