As per the case facts, Indian Oil Corporation Ltd. leased land for 29 years to set up a retail outlet. A dispute arose regarding lease rent and period, leading to ... arbitration. The High Court partly allowed one appeal and dismissed another related to the arbitration award. The reason for the appeal to the Supreme Court was to challenge the High Court's judgment. The question arose concerning the validity of the arbitrator's decision to increase monthly lease rent and reduce the lease period. Finally, the Supreme Court allowed the appeal, setting aside the High Court's judgment and the District Court's judgment regarding lease rent and lease period. The arbitration award was also set aside to the extent that the arbitrator increased the monthly lease rent and reduced the lease period.