JUDGMENT

K.M. Joseph, J.

1. Leave granted.

2. In Civil Appeal arising out of SLP(C) 5698 OF 2021, the appellants are the Indian Oil Corporation Ltd., (hereinafter referred to as “IOC”, for short), the Chief Divisional Retail Sales Manager of the first appellant, Bangalore and the Chief Divisional Retail Sales Manager of the Mangalore Division. The second respondent in the said appeal is one Smt. M.P. Parvati, referred to as new dealer, who is the appellant in the other appeal, namely, civil Appeal arising out of SLP(C) 5591 OF 2021.

THE FACTS

3. On 31.10.2003, IOC entered into petrol/hsd pump dealer agreement with the first respondent. Clause (3) of the agreement read as follows:

“(3) The Agreement shall remain in force for fifteen year from day of 13th Oct 2003 and continue thereafter for successive periods of five year each until determined by either party by giving three months notice in writing to the other of its intention to termination this agreement and upon the expiration of any such notice this Agreement and the Licence granted as aforesaid shall stand cancelled and revoked but without prejudice to such termination provided that nothing contained in this clause shall to the ri