1) you will have to file writ petition in HC for release of your land as IOC did not require the land any more and have requested land be released from acquistion
2)the SC has held bfollowing conditions should always be considered to determine if the acquisition proceedings had lapsed or not.
"First, the factum of an Award under Section 11 of the Land Acquisition Act, 1894, must be clearly established. The said Award must predate the commencement of the Act, i.e. 01.01.2014 (2013 Act) by at least five years or more i.e. the Award must have been passed on or before 1.01.2009. This having been established, if possession is found to not have been taken, or compensation not paid, then the proceedings shall be deemed to have lapsed.
"Thereafter, the appropriate government, if it so chooses, may re-initiate acquisition proceedings in respect of the same land, but under the 2013 Act's regime," Justice Sen said.
3) HC will quash acquistion proceedings