Signd MOU last mnth for 2 years, if I leave job, have to pay 2 lakh as compensation, is it binding, ne way out

I have signed this MOU in Mumbai just last month, I wanted to leave the job as I am not from Mumbai but my employer gave me an increment and made me sign this MOU for two years. Now I do not want to continue, just wanted to know the consequences if I leave the job. Is it binding, can he file a suit against me?