Employment Bond: What Legal Implications if i don't pay?

Willingly signed an Employment bond with one firm for 2 years which also has a clause "incase I fail to join I need to pay the bond amount"

This was my only safest way to put down my paper & resign from current firm, but now i have got a better offer.

So do i really have to pay 4L now to the previous offer firm & are employment bonds valid in India ??

Need some suggestions if someone has faced any legal actions which led to trouble in future employments due to absconding of this bond even if i chose to pay the amount?

note: i haven't joined that firm yet, will be joining the better offer