[envolt]

Softbank backed OYO has done the same thing. While these kind of leaves are voluntary on paper, they are the only option offered. Formally company present this option to you, you show interest, you accept what they are offering.

Informally, the company asks you to accept whatever they are offering. You can always resist, you're very much likely to have the legal advantage. But you don't want to go through the trouble.

Edit - the only good part of the offer was 0 day notice period. They are betting on major chunk of employees to not come back, so they can bring back the one who are left (IMO 80% will leave)