Joined a company for a specific client, now worried about bench & forced exit — need advice

I joined a new company last month specifically for a particular client project. Along with me, 4 other people joined around August.

Now, I can see that those 4 people have been on the project bench for nearly 3 months. Recently, management informed them that they will be moved to the company bench for 1 month, after which they’re expected to resign. During this phase, a 3-month notice period applies, but if they secure another job, the company is willing to release them immediately.

Because of this client-based role, I had relocated, assuming project stability. Based on the current situation, what I understand is that I may realistically have around 6 months in this company if things don’t improve.

I’m confused about the next steps:

Should I start looking outside immediately?

Or should I wait for some time and see how things unfold?

Also, my previous company’s full & final settlement is still not fully completed, which adds to the stress.

Would really appreciate advice from people who’ve been in similar situations or who understand how bench and notice-period scenarios usually work.

Thanks in advance.