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Hello Malik Farhan and welcome to Expat.com!
Hope that you'll soon be enlightened.
Wish you Good Luck,
Harmonie.
This means that you are on a transferable iqama/visa. The new company needs your passport and NOC for them to transfer your sponsorship to them.
If you are able to get an NOC, it's no brainer that your old company is refusing. NOC means "no objection certificate".
For the renewal of the iqama, they will definitely renew it, that is why they are asking for your passport and NOC. 
you should ask this from HR Dept, or the one who hired you, and they should be able to provide you with a clear answer- that is what they are paid for.
for the last question(s), if the old company refuses to transfer you, you will still be able to get a job, BUT, you will need to EXIT. If your new company have visa for you, it will be good to get that visa before you go home, so you can come back immidiately, otherwise, you will have to apply from your country- AGAIN.
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