JUDGMENT

Dr. AR. Lakshmanan, J.—Leave granted.

2. This appeal was directed against the final judgment and Order dated 01.12.2004 passed by the Division Bench of the High Court at Calcutta in ACO No. 87 of 2003 in APOT No. 318 of 1998 whereby the High Court allowed the claim of the respondents herein.

3. The brief facts of the case are as follows:-

An indenture of lease was entered into by Das Reprographics (in short ‘the Company’) and the Kolkata Port Trust (in short ‘Port Trust’) in respect of premises at P-10, Taratola Road, Kolkata. The lease deed stipulated that, the lease is for a period of 29 years, 1 month and 25 days, w.e.f. November 28, 1962 on a monthly rental basis of Rs. 1,049.12. It was stated in the deed that, the lessee may have the option of a fresh lease for a further term of 30 years provided a notice stating the same was given to the Port Trust at least six months before expiration of subsisting lease. According to the deed, the Municipal Taxes in respect of the land was to be paid by the Company. The Port Trust had the option of renewing the lease for such further period, provided the covenant conditions are duly performed and the increase in rent is upto 25%, but n